Daily Update: Indian Semis Offers Decline Over Limited Inquiries

However, the pig iron prices further increased in Central & Eastern regions by aound INR 500/MT due to short supply, as reported by participants.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 31,200-34,800/MT (USD 449-501) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-20,300/MT (USD 270-293); prices are ex-plant & excluding GST.

Rupee

-- On 17th April 2019 (Wednesday) INR to USD exchange rate stood at INR 69.40.

Raw Materials

-- Odisha merchant Iron ore mining leases expiring on 2020 submit G2 exploration report; further guidelines expected to be out after elections - Sources.

-- JSW Steel’s iron ore purchases from Karnataka e-auctions decreased by 48% to 1.02 MnT in Mar'19 compared to 1.98 MnT in Feb'19.

-- JSPL’s steel output from Indian operations moved up by 30% in FY19 to 5.25 MnT which was 4.02 MnT in FY18.

-- Melting scrap offers in Western India- Gujarat decline by INR 200/MT in a day trade activities.

Semi Finished

-- According to vessel-line up data maintained with SteelMint, India is to import 21,590 MT HBI (Hot Briquetted Iron) from Iran.

-- Mid sized mills Billet(100*100 mm) export offers to Nepal is hovering at USD 450-455/MT, however buying interest reported at less than of USD 450/MT ex-mill, Durgapur. Freight cost to Nepal reported at around USD 30/MT CNF Raxaul border(Nepal).

-- As per sources, Mesco Steels in Jajpur (Odisha) has increased pig iron prices by INR 200-300/MT to INR 27,400-27,500/MT (steel grade), ex-plant.

-- Private pig iron manufacturers have increased offers by around INR 500/MT & latest price assessment stood at INR 27,500-28,000/MT ex-Raipur & INR 29,300-29,700/MT ex-Durgapur; excluding GST.

-- Raipur, Central India based Integrated plants offering Sponge P-DRI at INR 18,600-18,800/MT & Sponge DR CLO grade at INR 20,600-20,800/MT ex-plant.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 19,500-19,600/MT ex-Bellary, offers incline by INR 100-200/MT from the last trade; an official reported.

-- Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 20,500/MT & Billet at INR 32,500/MT ex-plant.

-- BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 19,800/MT & 20,200/MT ex-plant, Karnataka; an official reported.And added good inquiries at this prices.

Wire Rod & Pipe

-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 40,700/MT ex-plant & excluding GST.

-- Rashmi Metaliks in Kharagpur (Durgapur) has reduced Wire rod (5.5 mm) prices by INR 200/MT to INR 37,800/MT ex-plant.

-- Trade discounts in Raipur Wire rod more or less firm & stood at around INR 1,300/MT. However basic prices down by INR 300/MT to INR 38,400/MT ex-Raipur & in Durgapur it fell by INR 100-200/MT to INR 37,200-38,000/MT ex-Durgapur.

-- Raipur, Central India based ERW pipe manufacturers offers reported at around INR 37,800-37,900/MT ex-plant & excluding GST. Offers decline by INR 100-200/MT.