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Daily Update: Indian Semis Offers Fall

Indian spot steel prices plunge further amid sluggish demand domestically, as stated by participants. The Rebar, Billet & Sponge iron prices fell by INR 100-300/MT (day on day) through the mid sized mills.

Industry sources are assuming that, limited trades may result gradual change in prices as inventories are sufficient with the mills.

SteelMint's latest price assessment for induction furnaces billet in Indian market stood at INR 30,750-34,400/MT (USD 440-492) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,700-19,600/MT (USD 267-280); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

-- On 9th May 2019 (Thursday) INR to USD exchange rate stood at INR 69.94

-- ICEX (Indian Commodity Exchange Ltd) Jun'19 contract for STEELLONG today open at INR 33,820/MT & last traded (IST 18:27) at INR 33,650/MT.

-- BSE Sensex closed at 37,558(-230) on Thursday, as against last day (Wednesday) at 37,789(-487).

-- NSE Nifty50 index was closed today at 11,301(-57).

Trade Updates - Raw Materials

-- Odisha, India's largest iron ore producing state recorded iron ore production at 109.74 MnT in FY19, up by 11% as against 98.87 MnT during FY18, as per provisional data of Odisha Govt. maintained by SteelMint.

-- JSW Steel, India's largest private steel producer has released its monthly production results in which company's production falls for crude steel by 5%, long steel by 2% & flat steel by 9% M-o-M in Apr’19.

-- JSW Steel’s iron ore purchases from Karnataka e-auctions increased by more than twice to 2.18 MnT in Apr'19 compared to 1.02 MnT in Mar'19.

-- NMDC, India’s largest iron ore miner recorded production at 10.6 MnT for Q1 CY19, up 10% as against 9.65 MnT in Q4 CY18. On yearly basis, production dropped as compared to 11.35 MnT in Q1 CY18.

Semi finished

-- Rashmi Metaliks in Durgapur has offered sponge P-DRI at around INR 17,700/MT, as per sources.

-- Odisha based Bhaskar Steel has offered Sponge C-DRI (FeM 80) at INR 18,700/MT & Billet at INR 30,700/MT ex-plant.

-- Neo Metaliks in Durgapur has reduced steel grade pig iron prices due to weak demand and fresh offers reported at INR 28,200-28,300/MT ex-plant.

-- Jindal Steel is offering granulated pig iron(panther shots) at INR 26,800-27,000/MT ex-plant, Angul, Odisha.

Wire Rod & Pipe

-- Trade discounts in Raipur wire rod remain unaltered and hovering at INR 1,000-1,100/MT, also basic prices firm at INR 37,700/MT ex-Raipur & INR 36,800-37,600/MT ex-Durgapur, for 5.5mm.

-- Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt Ltd (MPL) has roll-over ERW Pipe prices at INR 40,100/MT ex-plant, basic & excluding GST.

Rebar (12 mm)

-- Rathi Steels based in North region is offering at around INR 38,500/MT (ex-Delhi).

-- Raipur based - SPEED TMT unchanged their offers at INR 35,500/MT.

-- Real Ispat (GK TMT) unchanged their offers at INR 37,800/MT.

-- Raigarh based N.R Ispat & Power Pvt. Ltd (N.R TMT) is offering at INR 35,500/MT.

-- Gujarat based Shreeyam Power & Steel Industries Ltd. (National TMT) is offering at INR 37,000/MT FoR.

-- Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,700/MT (down by INR 100/MT).

-- Jalna based Rajuri Steel Pvt. Ltd. (Rajuri) TMT is offering at INR 36,500/MT (down by INR 200/MT).

-- Mumbai based Vistar Metal Ind. Pvt. Ltd. (Vistar TMT) is offering at INR 36,400/MT (down by INR 200/MT).

Note – the prices mentioned above are ex-work, excluding GST & changes are on day basis.

News No: 4523
Date: 2019/05/14 - 19:52
News Source: SteelMint

Indian  Rebar  Pipe  JSW Steel  Rupee 

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