ON the whole Indian Steel Prices remained stable last week as the fall in long products was compensated by rise in flat products. The Indian Long Product Price Index ILPPI dipped by 30 points, whereas the Indian Flat Products Index IFPPI improved by 47 points. The overall price index INDSPI improved by 7 points:
| Class | 27-Feb | 06-Mar | Change |
| ILPPI | 6692 | 6662 | -30 |
| IFPPI | 6611 | 6658 | 47 |
| IDSPI | 6654 | 6660 | 7 |
ILPPI - Indian Long Product Price Index
IFPPI - Indian Flat Product Price Index
INDSPI - Indian Steel Price Index
Long Products
| Category | 27-Feb | 06-Mar | Change |
| PI - TMT | 6477 | 6431 | -47 |
| PI - WRC | 7162 | 7160 | -2 |
| PI - Angle | 6341 | 6288 | -53 |
| PI - Channel | 6373 | 6338 | -35 |
| PI - Joist | 5909 | 5848 | -61 |
Flat products
| Category | 27-Feb | 06-Mar | Change |
| PI - Narrow Plates | 6238 | 6293 | 55 |
| PI - Wide Plates | 6669 | 6719 | 49 |
| PI - Hot Rolled | 6448 | 6483 | 36 |
| PI - Cold Rolled | 7178 | 7222 | 44 |
| PI - Galvanized | 6824 | 6931 | 107 |
To know more about these indices please visit
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The seeds of revival in Indian domestic steel prices were sown about a month back when the buyers started feeling the pinch of shortage resultant of production pruning by steel majors. Post February 25th 2009, it was commonly perceived that the Indian government’s initiative of reduction in excise duty by 2% would bring relief to steel consumers in general. However on analyzing the pricing pattern during this period, the reality seems to be different especially for products, which are sold in the market on basic prices plus excise duty and VAT. The price of Flat products remained unchanged whereas long prices dipped by 2% across all major locations from 24th February to 25th February showing that the steel majors did not pass over the benefit in Flats but did so in longs. It took less than a week time for this short lived reprieve to vanish when prices remained stable to negative for the most of the products. (Ref STT 04/03/09: Update on HR domestic and import scenario in India).
The scenario looks increasingly ominous with China becoming aggressive in exports making lucrative offers and with the parity being skewed big time imports seems inevitable gravitating the domestic market further.
Input materials remained buoyant
The prices showed resilience, nonetheless there were some pockets of negativity in scrap prices at Mumbai and Kolkata primarily due to bearish international scrap prices having an impact on this port based cities.
Melting scrap
80:20
HMS
| Location | Change | % |
| Chennai | 1327 | 8.1% |
| Kandla | 711 | 3.7% |
| Mumbai | -500 | -2.9% |
| Mandi | 0 | 0.0% |
| Kolkata | -96 | -0.5% |
| Kanpur | 75 | 0.4% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
Alang
| Product | Size | Size | Change | % |
| Ships | Mixed | Mixed | 100 | 0.6% |
| Plate cuttings | 1” | 1” | -400 | -2.1% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
Pencil ingot
| Location | Change | % |
| Mumbai | -500 | -2.2% |
| Mandi | -462 | -1.9% |
| Raipur | -1066 | -4.9% |
| Kanpur | -184 | -0.8% |
| Kolkata | 0 | 0.0% |
| Ghaziabad | -500 | -2.0% |
| Muzzafarnagar | -79 | -0.3% |
| Ahmedabad | -100 | -0.4% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
Pig Iron
| Location | Change | % |
| Raipur | -1200 | -6.2% |
| Kolkata | 0 | 0.0% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
Sponge iron
| Location | Change | % |
| Raipur | -1200 | -7.7% |
| Kolkata | -385 | -2.3% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
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Roll back in Long products prices
Excise duty reduction by 2% had impact on the long product prices as the buyers were coerced to pass on the benefit due to weak market sentiments. Chennai was the lone shinning star with heightened trader’s activity to liquidate stocks and some hustle in construction activity.
TMT
Fe 415
12mm
| Location | Change | % |
| Chennai | 1300 | 4.3% |
| Mumbai | -1689 | -5.5% |
| Mandi | 208 | 0.6% |
| Kolkata | -610 | -1.9% |
| Delhi | 0 | 0.0% |
| Kanpur | -700 | -2.2% |
| Ahmedabad | -788 | -2.7% |
| Indore | -1100 | -3.4% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
WRC
SWR14
5.5/6
| Location | Change | % |
| Chennai | 400 | 1.4% |
| Raipur | -711 | -2.4% |
| Kolkata | 481 | 1.7% |
| Delhi | -453 | -1.4% |
| Kanpur | 378 | 1.3% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
ANGL
GR A
65x6
| Location | Change | % |
| Chennai | 400 | 1.4% |
| Raipur | -711 | -2.4% |
| Kolkata | 481 | 1.7% |
| Delhi | -453 | -1.4% |
| Kanpur | 378 | 1.3% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
CHNL
GR A
75/100
| Location | Change | % |
| Chennai | 1000 | 3.3% |
| Mumbai | -1914 | -5.9% |
| Mandi | -520 | -1.5% |
| Raipur | -520 | -1.7% |
| Kolkata | -90 | -0.3% |
| Delhi | -520 | -1.6% |
| Kanpur | -200 | -0.6% |
| Ahmedabad | -619 | -2.1% |
| Indore | -800 | -2.5% |
| Bangalore | 500 | 1.5% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
JSTI
GR A
250x125
| Location | Change | % |
| Chennai | 500 | 1.6% |
| Mumbai | -1914 | -5.7% |
| Mandi | -728 | -2.0% |
| Raipur | -520 | -1.7% |
| Kolkata | -642 | -1.9% |
| Delhi | -520 | -1.6% |
| Kanpur | -400 | -1.2% |
| Ahmedabad | -208 | -0.7% |
| Indore | -400 | -1.2% |
| Bangalore | 500 | 1.5% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
Flat products prices improve
Flat product prices exhibited remarkable resilience primarily due transient shortage created by production pruning by steel majors over the last couple of months.
HRC
Tube
2.5x1250
| Location | Change | % |
| Mumbai | 0 | 0.0% |
| Ludhiana | 370 | 1.3% |
| Kolkata | 264 | 1.0% |
| Delhi | 0 | 0.0% |
| Ahmedabad | -277 | -0.9% |
| Indore | -711 | -2.4% |
| Bangalore | 0 | 0.0% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
Patra
| Location | Change | % |
| Ludhiana | 162 | 0.6% |
| Mandi | -831 | -2.9% |
| Delhi | 0 | 0.0% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
PLTS
GRA
8x1.5
| Location | Change | % |
| Chennai | 500 | 1.8% |
| Mumbai | 0 | 0.0% |
| Kolkata | 525 | 1.9% |
| Delhi | 0 | 0.0% |
| Kanpur | 549 | 1.9% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
PLTS
GRB
12-20x2.5
| Location | Change | % |
| Chennai | 500 | 1.6% |
| Mumbai | 462 | 1.5% |
| Raipur | -888 | -2.9% |
| Kolkata | 446 | 1.6% |
| Delhi | 0 | 0.0% |
| Kanpur | 572 | 1.9% |
| Ahmedabad | 0 | 0.0% |
| Indore | -267 | -0.9% |
| Bangalore | 0 | 0.0% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
CR
DSK
0.63x1000
| Location | Change | % |
| Chennai | 500 | 1.5% |
| Mumbai | -924 | -2.9% |
| Pune | -924 | -2.9% |
| Kolkata | 980 | 3.0% |
| Delhi | 0 | 0.0% |
| Kanpur | 639 | 1.9% |
| Ahmedabad | 0 | 0.0% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
GC
100Gms
0.4
| Location | Change | % |
| Chennai | 500 | 1.4% |
| Mumbai | -1333 | -3.6% |
| Kolkata | 876 | 2.4% |
| Delhi | 0 | 0.0% |
| Kanpur | 675 | 1.9% |
| Bangalore | 0 | 0.0% |
Change is on March 6th 2009 as compared to February 27th 2009
Change is in INR per tonne
Indian steel makers especially HDG and PPGI makers continued to book maerials last week albeit at lower levels, where as plate producers found difficult to get buyers at targeted lvels.
| Item | Grade | Size | USD | Delivery |
| Billet | Common | 125x125 | None | |
| HRC | Structural | 2-4 | None | |
| PLTS | Structural | 12-40x2.5 | 480 | FOB Vizag |
| HDG | 100Gms | 0.4 | 620 | FOB Mumbai |
| PPGI | Standard RAL | 0.4 | 800 | FOB Mumbai |
In USD per tonne
Note
1. As international prices for billets are very low at USD 345 per tonne CFR, Indian billet export is not viable.
2. Understand Indian mills are not offering HRC as the domestic demand is very high.
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