Indian steel prices slightly fluctuated on day trade activities as inquiries was not up to the mark, as reported by participants. The prices of Sponge iron, Billet & Rebars volatile by INR 100-200/MT in across regions in India, through the mid sized mills.
As per manufacturers in central & eastern India, healthy orders received in last couple of days. Hence they are not in hurry to deal and slightly change their offer prices.
SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,900-34,600/MT (USD 442-495) ex-plant.
Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 18,800-19,800/MT (USD 268-283); prices are ex-plant & excluding GST.
Rupee & BSE Sensex
— On 31st May 2019 (Friday) INR to USD exchange rate stood at INR 69.74.
— ICEX (Indian Commodity Exchange Ltd) Jun’19 contract for STEELLONG today open at INR 33,320/MT & last traded (IST 18:41) at INR 33,280/MT.
— BSE Sensex closed at 39,714(-117) on Friday, as against last day (Thursday) at 39,831(+329).
— NSE Nifty50 index was closed today at 11,922(-23) & Nifty Metal at 2,900(-24).
— SAIL (Steel Authority of India Limited) has announced fiscal year end results for FY19. The company’s crude steel output surge by 8% in FY19 to 16.3 MnT as compared to 15 MnT in previous fiscal. Saleable steel production increase by 8% to 15.1 MnT in FY19 as compared to 14.1 MnT in previous fiscal.
— India’s State-owned iron ore miner NMDC plans to spend around USD 1 billion in three years to ramp up production capacity by around 55% to 67 MnT from 43 MnT now.
— As per the latest updates, after acquiring Bhushan Steel in May last year, Tata Steel is also set to take control of its subsidiary Bhushan Energy as NCLT (National Company Law Tribunal) on Thursday approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy for around INR 800 crore.
— Raipur based sponge plants have quoted P-DRI at INR 18,600-18,800/MT, however deals learned limited at INR 18,600/MT ex-plant. As per furnace owners, lifting pressure rise from the sponge producers, hence fresh bookings are limited.
— Odisha, Rourkela based sponge manufacturers trading Sponge C-DRI (FeM 80) at INR 18,800-19,000/MT. As per conversation, the producers have healthy bookings in hand, thus not looking significant drop in prices amidst high cost raw materials.
— BMM Ispat, a price trend setter in South Indian sponge market has reported deals for FeM 80 P-DRI lumps at around INR 18,800/MT ex-Bellary; offers are more or less firm against last day (30th May’19).
— SAIL’s pig iron auction today for 3,000 MT steel grade pig iron from Rourkela Steel plant (eastern India) has received quite good response as total allotted quantity has been sold. As per sources, the company had kept base price at INR 27,250/MT, although the material have been fetch high bids of INR 50-100/MT to INR 27,300-27,350/MT ex-plant.
— Rashmi Metaliks in Durgapur has raised sponge P-DRI prices by INR 200/MT to INR 19,000/MT, as reported by sources.
WIRE ROD & PIPE
— Trade discounts in Raipur Wire rod increased by INR 200/MT to INR 1,200-1,400/MT due to surge base price by INR 200/MT to INR 37,700/MT ex-plant. However in Durgapur limited trades have resulted gradual fall in prices by INR 100/MT to INR 36,800-37,500/MT ex-plant.
— Hyderabad (South India) based manufacturer Mahalakshmi Profiles Pvt. Ltd (MPL) has offered ERW Pipe at INR 40,100/MT ex-plant. (basic & excluding GST).
REBAR (12 mm)
— Raipur based – SPEED TMT is offering at INR 35,500/MT (up by INR 100/MT).
— Real Ispat (GK TMT) is offering at INR 37,800/MT (up by INR 200/MT).
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 35,900/MT (up by INR 200/MT).
— Jalna based Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offers at INR 36,800/MT.
— Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) has unchanged their offers at INR 36,700/MT.
— South region based Prakash Ferrous Ind. Pvt. Ltd (Tirumala) currently being offered at INR 39,000/MT.
Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.