After a dull and sluggish October, long product steel market in India has finally seen the light of the day last week. The reduction of 1.8% in long product prices during October 1st to October 28th 2010 was compensated by about 1% during just 7 days of last week.

Following factors had kept long product market suppressed through out October
1. Labour shortage during the festival season
2. Lack of liquidity as traders square off the books of accounts
3. Abundant supply from primary as well as secondary mills
4. Dealers clearing off stocks apprehensive of situation after festivals

The price rally in last week certainly points to improvement in market sentiments on the prospect of demand revival in coming times, but the overhang of huge surplus capacity remains. Thus the trend in this week as well as next week shall give the true picture.

On the other hand, flat product market remained sluggish and the Indian steel majors resorted in November beginning to partially offsetting the price hike announced in October beginning. With further reduction in global levels, flat product market in India remains under pricing pressure. You may like to see our article “Currency appreciation plays havoc with flat product market in India” dated November 1st 2010 for more details on flat product market in India.

The Indian Long Product Price Index ILPPI went up by 62 points last week whereas Indian Flat Products Index IFPPI also increased by 7 points. The overall price index INDSPI inclined by 35 points.

ILPPI - Indian Long Product Price Index
IFPPI - Indian Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products

PI - Product Index

Flat products

PI - Product Index

These indices have base of 10,000 as on July 1st 2008
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1. Input material

Melting scrap
80:20
HMS

Change is on Nov 4th 2010 as compared to Oct 29th 2010

Alang

Change is on Nov 4th 2010 as compared to Oct 29th 2010

Pencil ingot

Change is on Nov 4th 2010 as compared to Oct 29th 2010

Pig Iron

Change is on Nov 4th 2010 as compared to Oct 29th 2010

Sponge iron

Change is on Nov 4th 2010 as compared to Oct 29th 2010

2. Long products

Rebar (TMT QST)
Fe 415
12mm

Change is on Nov 4th 2010 as compared to Oct 29th 2010

WRC
SWR14
5.5/6

Change is on Nov 4th 2010 as compared to Oct 29th 2010

ANGL
Grade A
65X65X6

Change is on Nov 4th 2010 as compared to Oct 29th 2010

CHNL
Grade A
75/40

Change is on Nov 4th 2010 as compared to Oct 29th 2010

JSTI
Grade A
250X125

Change is on Nov 4th 2010 as compared to Oct 29th 2010

3. Flat products

HRC
Tube
2.5x1250

Change is on Nov 4th 2010 as compared to Oct 29th 2010

Patra

Change is on Nov 4th 2010 as compared to Oct 29th 2010

Plates
Grade A
8X1250/1500

Change is on Nov 4th 2010 as compared to Oct 29th 2010

Plates
GRADE B
12-20X2500

Change is on Nov 4th 2010 as compared to Oct 29th 2010

CR
DSK
0.63x1000

Change is on Nov 4th 2010 as compared to Oct 29th 2010

GP
100Gms
0.4

Change is on Nov 4th 2010 as compared to Oct 29th 2010

GC
100Gms
0.4

Change is on Nov 4th 2010 as compared to Oct 29th 2010

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
5. FOB Levels - China, Ukraine, Russia and Turkey
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

Other features

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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