June opened with soaring expectations of price reduction by the Indian manufacturers which was matched by generous cuts ranging from INR 1000 per tonne to INR 3000 per tonne in flat and long products. But it appears to be too late and too less as inventories have piled up during last 2 months and huge imports have landed putting immense pressure on market
The Indian steel makers were compelled to reduce price last week across board for both flat and long products as their inventories piled up during April to May period due to low market demand. Flat products prices came under additional pressure from arrival of huge volumes of cheaper imports and weakening signals in international markets. European crisis and the recession in Chinese steel prices have added insult to injury.
But, as anticipated, the market slid further during last week. The Indian Long Product Price Index ILPPI continued declining by 94 points whereas Indian Flat Products Index IFPPI dropped by 156 points. The overall price index INDSPI declined by 124 points.
| Class | 28-May | 04-Jun | Change | % |
| ILPPI | 6889 | 6791 | -98 | -1.4% |
| IFPPI | 8251 | 8048 | -203 | -2.5% |
| INDSPI | 7538 | 7390 | -148 | -2.0% |
ILPPI - Indian Long Product Price Index
IFPPI - Indian Flat Product Price Index
INDSPI - Indian Steel Price Index
It is noteworthy that even after the price reduction by Indian mills the prevailing market levels for flat products are much more than those at which importers are liquidating their arrivals.
The buyers of long and flat products over the last 2 months have been indulging in skeletal purchase to cater immediate requirement rather than accumulating as the atrophic sentiments coupled with import penetration even in the hinterlands has made mincemeat of the any revival. There is a faint possibility that once clarity dawns on the pricing by Indian mills the pent up demand might flourish to replenish sub normal inventory.
The never ending agony of long product market in India seems to intensify with each passing week. Absence of downstream demand from construction sector is a hackneyed topic but it has dawned the added dimension of afflicting even the project segment where buying was hitherto normal. Procurement is need based and skeletal. Even though some stock depletion has taken place at the end user and stockiest end buying is abject.
On the flip side some re rollers in Raipur seem optimistic proclaiming that the worst is over. Since manufacturing in this region is not based on scrap the sponge iron prices having already taken a beating of INR 4500 per tonne to INR 5000 per tonne they feel it might just have hit the floor. Moreover most of the stockiest, having not bought over the last 2 months are running low on reserve.
Long Products
| Category | 28-May | 04-Jun | Change | % |
| PI - TMT | 6681 | 6569 | -112 | -1.7% |
| PI - WRC | 7343 | 7252 | -91 | -1.2% |
| PI - Angle | 6515 | 6423 | -92 | -1.4% |
| PI - Channel | 6620 | 6544 | -76 | -1.2% |
| PI - Joist | 6127 | 6054 | -73 | -1.2% |
PI - Product Index
Flat products
| Category | 28-May | 04-Jun | Change | % |
| PI - Narrow Plates | 7799 | 7591 | -208 | -2.7% |
| PI - Wide Plates | 8187 | 8004 | -182 | -2.2% |
| PI - Hot Rolled | 7989 | 7759 | -230 | -2.9% |
| PI - Cold Rolled | 9097 | 8915 | -182 | -2.0% |
| PI - Galvanized | 8737 | 8629 | -109 | -1.2% |
PI - Product Index
These indices have base of 10,000 as on July 1st 2008
To know more about these indices please visit
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Status quo is likely to prevail in the coming days as there are hardly any feelers of ebbing of international economic crisis. In fact the horizon is getting murkier with each passing day as reports of mills curtailing their capacity are pouring from Ukraine and China.
1. Input material
Melting scrap
80:20
HMS
| Location | Change |
| Chennai | -5% |
| Kandla | -10% |
| Kanpur | -4% |
| Kolkata | 0% |
| Mandi | 2% |
| Mumbai | 1% |
Change is on June 4th 2010 as compared to May 28th 2010
Alang
| Product | Size | Change |
| Plate cuttings | 1" | 1% |
| Ships | Mixed | 1% |
Change is on June 4th 2010 as compared to May 28th 2010
Pencil ingot
| Location | Change |
| Ahmedabad | 0% |
| Bhiwari | -1% |
| Durgapur | 0% |
| Ghaziabad | -1% |
| Hyderabad | -4% |
| Jaipur | 1% |
| Jamshedpur | -3% |
| Kanpur | -4% |
| Kolkata | 0% |
| Mandi | 1% |
| Mumbai | 0% |
| Muzzafarnagar | 0% |
| Nagpur | -2% |
| Raigarh | 0% |
| Raipur | 0% |
| Rourkela | -4% |
| Rudrapur | -4% |
Change is on June 4th 2010 as compared to May 28th 2010
Pig Iron
| Location | Change |
| Agra | -4% |
| Jallandhar | -4% |
| Kolkata | -5% |
| Raipur | -5% |
Change is on June 4th 2010 as compared to May 28th 2010
Sponge iron
| Location | Change |
| Bellary | -1% |
| Kolkata | -3% |
| Raigarh | -1% |
| Raipur | -2% |
| Rourkela | -7% |
Change is on June 4th 2010 as compared to May 28th 2010
2. Long products
Rebar (TMT QST)
Fe 415
12mm
| Location | Change |
| Ahmedabad | -1% |
| Bangalore | -4% |
| Chennai | -2% |
| Delhi | -4% |
| Indore | -1% |
| Kanpur | -4% |
| Kolkata | 0% |
| Mandi | 2% |
| Mumbai | 0% |
| Raipur | -2% |
Change is on June 4th 2010 as compared to May 28th 2010
WRC
SWR14
5.5/6
| Location | Change |
| Chennai | 0% |
| Delhi | -1% |
| Kanpur | -3% |
| Kolkata | 0% |
| Raipur | -2% |
Change is on June 4th 2010 as compared to May 28th 2010
ANGL
Grade A
65X65X6
| Location | Change |
| Ahmedabad | -1% |
| Bangalore | -3% |
| Chennai | 0% |
| Delhi | -2% |
| Indore | -1% |
| Kanpur | -2% |
| Kolkata | -2% |
| Mandi | 0% |
| Mumbai | 0% |
| Raipur | -2% |
Change is on June 4th 2010 as compared to May 28th 2010
CHNL
Grade A
75/40
| Location | Change |
| Ahmedabad | -1% |
| Bangalore | -1% |
| Chennai | 0% |
| Delhi | -1% |
| Indore | -2% |
| Kanpur | -2% |
| Kolkata | -2% |
| Mandi | 0% |
| Mumbai | 0% |
| Raipur | -2% |
Change is on June 4th 2010 as compared to May 28th 2010
JSTI
Grade A
250X125
| Location | Change |
| Ahmedabad | -1% |
| Bangalore | -2% |
| Chennai | 0% |
| Delhi | -1% |
| Indore | -1% |
| Kanpur | -2% |
| Kolkata | -2% |
| Mandi | 0% |
| Mumbai | 0% |
| Raipur | -2% |
Change is on June 4th 2010 as compared to May 28th 2010
3. Flat products
HRC
Tube
2.5x1250
| Location | Change |
| Ahmedabad | -1% |
| Bangalore | -1% |
| Chennai | 0% |
| Delhi | -2% |
| Indore | -4% |
| Kolkata | -6% |
| Ludhiana | -1% |
| Mumbai | -4% |
Change is on June 4th 2010 as compared to May 28th 2010
Patra
| Location | Change |
| Delhi | -2% |
| Ludhiana | -1% |
| Mandi | 0% |
Change is on June 4th 2010 as compared to May 28th 2010
Plates
Grade A
8X1250/1500
| Location | Change |
| Chennai | 0% |
| Delhi | -2% |
| Kanpur | -1% |
| Kolkata | -5% |
| Mumbai | -3% |
Change is on June 4th 2010 as compared to May 28th 2010
Plates
GRADE B
12-20X2500
| Location | Change |
| Ahmedabad | 0% |
| Bangalore | -2% |
| Chennai | 0% |
| Delhi | -2% |
| Indore | 0% |
| Kanpur | -3% |
| Kolkata | -5% |
| Mumbai | -1% |
| Raipur | -1% |
Change is on June 4th 2010 as compared to May 28th 2010
CR
DSK
0.63x1000
| Location | Change |
| Ahmedabad | 0% |
| Chennai | 0% |
| Delhi | -2% |
| Kanpur | -2% |
| Kolkata | -4% |
| Mumbai | -3% |
| Pune | -3% |
Change is on June 4th 2010 as compared to May 28th 2010
GP
100Gms
0.4
| Location | Change |
| Mumbai | -2% |
| Chennai | 0% |
| Kolkata | 0% |
| Delhi | -2% |
| Ludhiana | -3% |
| Kanpur | -2% |
| Rudrapur | -2% |
| Bangalore | 0% |
Change is on June 4th 2010 as compared to May 28th 2010
GC
100Gms
0.4
| Location | Change |
| Bangalore | 0% |
| Chennai | 0% |
| Delhi | -2% |
| Kanpur | -2% |
| Kolkata | 0% |
| Mumbai | 0% |
| Ludhiana | -4% |
| Rudrapur | -2% |
Change is on June 4th 2010 as compared to May 28th 2010
4. Indian Export Levels
| Item | Grade | Size | Delivery | Change |
| HDG | 100Gms | 0.4 | FOB Mumbai | -30 |
| HDG | 100Gms | 0.58 | FOB Mumbai | -30 |
| HDG | 275Gms | 0.75 | FOB Mumbai | -20 |
| PLTS | Structural | 12-40x2.5 | FOB Vizag | -40 |
| PPGI | Standard RAL | 0.4 | FOB Mumbai | -30 |
Change is on June 4th 2010 as compared to May 28th 2010
Change is in USD per tonne
www.steelprices-india.com is a comprehensive portal that provides domestic pricing information for benchmark steel products in each category at select location in India on a regular basis 5 days a week and international price levels on a weekly basis.
As steel in each category comes in hundreds of grades shapes and sizes, we have taken benchmark products in each category at select locations to cover the entire basket of garden variety of steel products including input material for steel making and processing.
Products covered
1. Input materials - Iron ore, scrap, sponge iron, pig iron pencil ingot, billets and blooms
2. Long products - Rebar, wire rod, angle, channel and joists
3. Flat products - Narrow plates, wide plates, HR, CR and galvanized
4. Others - Pipes
Methodology and access
1. Benchmark products in each category with fixed commonly used sizes and grades
2. Base prices or effective, as per market trends
3. Average transaction levels which have settled well, based on continuous interactions with domestic mills, overseas suppliers, importers stockiest & service centers and buyers
4. On fixed market oriented payment terms
5. Daily updates
6. Data available since July 2008
5. Access through web site
Price basis
Without ED and VAT for all products except for rebar and sections
The prices are displayed on weekly and monthly basis. They also have search facilities to access old data from the archives. Graphical representation of trends and comparison of price movement 2 or more products is also available.
In addition, you can monitor currency exchange rates, metal prices, BDI for the day as well as access their archives for past data.
Other features include converters for weight, length etc, glossary and advanced search functions. The benchmark product price information is supplemented by global pricing news.
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In INR +10.03% Service Tax
| Single | 2-5 | 6-12 | 13-25 | 26-40 | 40-60 |
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In USD
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