Daily Update: Indian Steel Market 22 Oct'19

However limited demand in finished products have forced mills to reduce prices and as per assessment rebar prices drop by INR 100-300/MT day on day in major markets.

Further, as per manufacturers in central & eastern India, deals are taking place for intra-state only. However for inter-state buyers have postponed their bookings due to logistic concern.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,700-29,000/MT (USD 362-409) ex-plant.

Meanwhile, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,100-17,000/MT (USD 227-240); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 22nd October 2019 (Tuesday) INR to USD exchange rate stood at INR 70.89.

-- ICEX (Indian Commodity Exchange Ltd) Nov'19 contract for STEELLONG today open at INR 27,800/MT & last traded (IST 18:14 hrs) at INR 27,830/MT.

-- BSE Sensex closed at 38,963(-334) on Tuesday, as against last day (Friday) at 39,298(+246).

-- NSE Nifty50 index was closed today at 11,588(-73) & Nifty Metal at 2,442(-13).

Raw Materials

-- According to the latest assessment of Coking coal, spot prices of the Premium HCC are reported at around USD 152.25/MT FoB Australia & USD 167.6/MT CNF India.

-- South African RB2 (5500 NAR) coal offers are assessed at USD 55.73/MT on FoB basis & USD 70.13/MT CNF India.

Semi Finished

-- Raipur & Raigarh based manufacturer’s booked granulated pig iron from Odisha at INR 21,800-22,000/MT ex-plant. Freight cost via road at INR 900-1,000/MT.

-- Rashmi Metaliks in Durgapur has raised sponge P-DRI prices by INR 100-200/MT to INR 15,800-15,900/MT, as per sources.

-- Mesco Steels in Jajpur, Odisha has lowered steel grade pig iron prices by INR 200/MT to INR 22,800/MT ex-plant.

-- Raipur based sponge P-DRI producers have reduces offer by INR 100/MT to INR 15,500-15,700/MT ex-plant, however no major deals learned due to weak billet demand.

-- Foundry grade pig iron prices drop this week by INR 200-300/MT and stands at INR 29,200-29,400/MT ex-Delhi, INR 29,400-29,500/MT FoR Ludhiana & INR 32,000/MT FoR Ahmedabad, excluding GST.

-- Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 15,400/MT, ex-plant & excluding GST.

-- Central India, Raigarh based sponge manufacturer (900 TPD) has offered P-DRI sponge at INR 15,600-15,700/MT FoR Raipur.

-- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,000/MT & Billet at INR 25,500/MT ex-plant; an official reported.

-- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 16,500/MT & INR 16,900/MT ex-plant, Karnataka.

Rebar (12 mm)

-- Rathi Steels based in North region has unchanged their offers at INR 33,300/MT.

-- Raipur based Real Ispat (GK TMT) has unchanged their offers at INR 32,800/MT.

-- Raigarh based Anjani Steels Ltd. (Radhe TMT) is current offering at INR 30,300/MT.

-- Gujarat based Akshar Ispat Ltd. (Akshat TMT) is current offering at INR 32,000/MT FoR.

-- Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 31,300/MT.

-- South region based Prakash Ferrous Ind. Pvt. Ltd (Tirumala TMT) is current offering at INR 32,000/MT.

Wire Rod & Pipe

-- Trade discounts in Raipur Wire rod is hovering at INR 1,300-1,500/MT by re-sellers & INR 800-900/MT through the manufacturers. Meanwhile base prices firm at INR 31,500/MT ex-Raipur & INR 29,800-30,700/MT ex-Durgapur.

-- ERW pipe offers in Odisha, east India reported at INR 30,800/MT ex-plant & excluding GST, a Pipe (100 TPD) manufacturer reported. And added trade remains limited.

-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 30,400-30,500/MT ex-plant & excluding GST.