Daily Update: Indian Steel Market 19 Aug'19

Further the rebar prices slump by INR 100-500/MT and sponge iron by INR 100-200/MT on day trade activities.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 25,300-28,700/MT (USD 354-402) ex-plant.

Meanwhile the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,000-17,100/MT (USD 224-240); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 19th August 2019 (Monday) INR to USD exchange rate stood at INR 71.4.

-- ICEX (Indian Commodity Exchange Ltd) Sep'19 contract for STEELLONG today open at INR 27,160/MT & last traded (IST 18:32 hrs) at INR 27,050/MT.

-- BSE Sensex closed at 37,402(+52) today as against last day (Friday) at 37,350(+38).

-- NSE Nifty50 index was closed today at 11,053(+6) & Nifty Metal at 2,391(-10).

RAW MATERIALS

-- Raipur (central India) based pellet manufacturers have decreased their offers by INR 200/MT to INR 6,200/MT ex-plant & excluding GST.

-- Neelachal Ispat Nigam Ltd (NINL), a public sector steel entity and largest merchant supplier of steel-grade pig iron in India likely to shut down its 700,000 MTPA Coke oven plant on financial crisis, SteelMint learned from market participants.

-- India's largest private multi-port operator; Adani Ports and Special Economic Zone Limited (APSEZ) has announced to buy 65-70% stake in Krishnapatnam Port Company Ltd. The port is currently owned by the Andhra Pradesh government.

SEMI FINISHED

-- According to market sources report to SteelMint, A government owned steel mill has concluded the billet export tender for size 150*150mm of 20,000 MT recently, at around USD 410-415/MT, FoB India.

-- SAIL conducted auction for around 2,400 MT steel grade pig iron today from its Rourkela Steel plant (eastern India). The auction received average response as close to 60% was sold out at the base price of INR 24,200/MT (USD 339) ex-plant (Rourkela).

-- Raipur, central India based plants have reduced sponge p-dri offers by INR 200/MT to INR 15,800-15,900/MT ex-plant. However as per participants despite reduced prices the response remained dull.

-- Raigarh, central India based producers have sold sponge p-dri at INR 15,800/MT FoR Raipur.

-- Odisha based medium size sponge manufacturers sold FeM 80 C-DRI (100% lumps) to Jalna at around INR 16,600/MT ex-plant & freight cost reported at near to INR 1,800-1,900/MT.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,000-16,100/MT ex-Bellary, offers declined by INR 100/MT.

WIRE ROD & PIPE

-- Trade discounts in Raipur wire rod through the traders increased by INR 500/MT to INR 1,900-2,100/MT, hence trade reference prices stood at INR 29,100-29,200/MT ex-plant. However in Durgapur trades for same material learned at INR 29,800-30,000/MT ex-plant.

-- Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at INR 33,700-33,900/MT ex-plant & excluding GST.

-- Raipur, Central India based ERW pipe manufacturers offers reported at INR 31,500/MT ex-plant & excluding GST.

REBAR (12 mm)

-- Raipur based Real Ispat (GK TMT) is offering at INR 31,800/MT (down by INR 600/MT).

-- Raigarh based Scan Group branding (Shrishti TMT) is current offering at INR 29,600/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is current offering at INR 32,500/MT FoR.

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT) is offering at INR 31,300/MT (down by INR 200/MT).

-- Jalna based Kalika Steels Alloys Pvt. Ltd. (Kalika TMT) is current offering at INR 31,300/MT.

-- South region based – Prime Gold Int’l Ltd current offering at INR 36,500/MT for Banglore.

-- Chennai based Sakthi Ferro Alloys India Pvt. Ltd. (SSI TMT) is currently offering at INR 33,000/MT.

Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.