Primary Steel Producers are Likely to keep Finish Long Prices Unaffected
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- Jemimah Dickerson
- 6 years ago
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1 Primary Steel Producers are Likely to keep Finish Long Prices Unaffected Primary steel producer had kept their finish long offers unchanged for November 13 and it seems that they are likely to keep it same again for December 13 as finish long market need some more improvements in demand. On the other hand in secondary Re-bar market premium brands prices increased by INR 1,300-1,900/MT. In Maharashtra Guardian TMT a Mumbai based brand s prices increased by INR 1,900/MT from 1 Nov, to till date. 20mm TMT is offered at INR 35,300/MT exclude taxes. Anant TMT manufacturer, based at Indore, MP has increased its prices by INR 1,300/MT in same period (from 1 Nov to till date). Presently its offer is at INR 36,100/MT for 20mm. (Basic Price) High Raw material and Semi finish products prices are the reasons behind these increment in prices. Primary TMT prices (in INR/MT) as on month Nov 2013 Region Particular Price (Basic) Price # (All Tax) M-O-M North India Delhi/NCR 38,000 44, West India Mumbai 37,200 43, South India Chennai 38,800 45, Hyderabad 37,800 44, Monthly Assessment Size 12MM Grade- 500 Fe Excise 12.36% ;VAT as applicable. # Prices including all taxes India: Re-Bar Prices increases owing to Shortage of Semi Finish Products Indian Manufacturers have to increase the price of Re-bar by INR per MT in last 2-3 days owing to the hike in prices of Semi Finish product. In Central India, Re-bar prices have moved up by INR per MT from yesterday owing to shortage of Ingot and Sponge. In addition, there is some demand in Raipur and Raigarh from MP. In Raipur and Indore 20 mm Re-bar is traded at INR 30,500 per MT and at INR 35,100 per MT respectively. In Maharashtra, Mumbai based Shree Vaishnav Industries Private Limited, with a Re-bar production capacity of approx 18,000 MT per month has increased its Re-bar price by INR 400 per MT in last 2-3 days. 20 mm Re-bar is now offered at 34,100 per MT.
2 The demand for finish product after Diwali was good, but right now we have a normal demand for the product. It seems that steel market will either sustain or go up, said a Rebar trader based at Mumbai. Few days back, in Hyderabad, a spurt of INR per MT was seen in TMT and Ingot due to little increment in local demand. Presently 20 mm Re-bar is quoted around at INR 31,700-32,000 per MT. Market participants are of the view that there are fewer chances of rates to decrease, many plants have shut down while some are running at very low production capacity, creating product shortage across the cities. Note: All prices are Basic. Region Particular Price (Basic) Indian 12 mm Re-bar prices (in INR/MT) as on date 19-Nov-2013 North India East India Central India West India South India Price # (All Tax) Change W-O-W M-O-M Ghaziabad 32,800 38, Mandi Gobindgarh Delhi/NCR 33,000 38, Muzaffarnagar 32,400 38, Rourkela 30,300 35, Durgapur 30,900 36, Raipur* 31,100 36, Indore 35,500 41, Raigarh 30,000 35, Jalna 34,100 40, Mumbai 34,100 40, Ahmedabad 33,000 38, Goa 34,900 41, Jaipur 32,900 38, ,250 41, NA Chennai 33,400 39, Hyderabad 32,850 38, Bangalore 34,400 40, Daily Assessment Grade-415/500 Fe Excise 12.36%; VAT as applicable. *Payment next day # Prices including all taxes India: Re-bar Prices inch up in Central and Northern Region
3 Re-bar prices increased by INR per MT in Central and Northern Region from last trade. Chhattisgarh Re-bar prices have increased by INR per MT in Raipur for the reason that Semi finish prices increased in city. Ingot and Billet manufacturers have cut their production on dull demand in steel market. There are approx manufacturers who have more than two or three furnaces, using only one or two of them. This resulted in shortage of Semi finish products and hike in product prices. An average price for 20 mm TMT is around at INR 30,200-30,500 per MT which is increased by INR per MT. Whereas GK TMT s price is untouched for the day and 20 mm Re-bar is quoted at INR 31,200 per MT. Madhya Pradesh Anant Steel Pvt. Ltd. with a Re-bar production capacity of approx 14,000MT per month based in Indore has increased its prices by INR 300 per MT from last trade. 20 mm TMT is offered at INR 34,800 per MT. Uttar Pradesh Ingot and TMT prices have moved up by INR per MT in Muzaffarnagar because of increased Ingot prices in Mandi Gobindgarh. MS Ingot and 12 mm TMT are offered at INR 30,400 per MT and INR 32,500 per MT respectively. Above mentioned all Prices are Basic.
4 RE-BAR PRICES INCREASED BY INR /MT IN SOUTHERN REGION IN LAST TWO DAYS. Andhra Pradesh In Hyderabad Semi Finish and Finish long product prices inched up as some furnaces and rolling mills have shut down in city. Shortage of the material in market, resulted in its price increase by INR /MT. 20 mm TMT is offered at INR 31,500/MT. Karnataka Ingot and TMT prices have moved up by INR 500/MT in Bangalore yesterday. This hike was made on account of good demand from Hyderabad and local market. 12 mm TMT and MS Ingot are offered at INR 34,800/MT and INR 29,700/MT respectively. Tamil Nadu Semi Finish and Finish Long prices are continuously unchanged from a long time in Chennai. MS Ingot and 12 mm TMT offers are at INR 28,900/MT and INR 33,400/MT respectively. According to market participants It will not be beneficial for us if we reduce the steel prices according to the other steel market. When we reduce the product prices, buyers wait for some more corrections. So we have decided not to make any changes according to the other markets. ABOVE MENTIONED ALL PRICES ARE BASIC.
5 Ingot prices blinks at last but steel rebar clings on for a while Having gathered enough flab over the last fortnight pencil ingot price levels corrected at most locations in a bid to bring symmetry with the finished price levels. The lopsided rally in pencil ingot price levels fuelled by high scrap levels and shortage finally sputtered without much support from finished buying. Over the last 1 week TMT price levels had reacted in controlled manner since Relentless hike in pencil ingot pushed it out of indolence. Most of the mills are yet to announce December price but at least one major Producer has hiked long price by INR per tonne without evoking much response from buyers. Clarity will dawn in next couple of days after most of the mills announce December price. In the unlikelihood of easing in credit rates and scrap price level likely to remain buoyant melodrama is set for more action with no result in December. Pencil Ingot Location Change Mumbai -300 Chennai 0 Kolkata -250 Mandi -300 Raipur -250 Alang -100 Kanpur 0 Rudrapur 0 Ahmedabad -201 Ghaziabad -300 Muzaffarnagar -108 Hyderabad 200 Raigarh -300 Durgapur -300 Nagpur 0 Jamshedpur 0 Jaipur -200 Rourkela -368 Bhiwari -150 Ludhiana 362 Change is on 2nd December 13 as compared to 29th November 13 Change in INR per tonne Rebar (TMT/QST) Location Change
6 Mumbai -351 Chennai 520 Kolkata 0 Delhi 0 Mandi 0 Raipur 0 Kanpur 0 Rudrapur 0 Ahmedabad 300 Hyderabad 0 Indore 600 Bangalore 0 Ludhiana 104 Muzaffarnagar 0 Change is on 2nd December 13 as compared to 29th November 13 Change in INR per tonne Source - Strategic Research Institute ( India: Demand for Wires improve with rising offers Indian Wires offers are on a consistent rise; an increase of INR /MT was recorded today. Demand picked up as market participants expect prices to increase further. In Raipur, Wire offers moved up by INR /MT from the last trade. 5.5 mm Wire Rod and 20 Gauge Binding Wire was offered at INR 39,900/MT and INR 46,000/MT respectively. Raipur is witnessing a shortage of Binding wires as some manufacturers have not stared production after Diwali. Queries for GI and Barbed wires have increased quite a bit. In Durgapur, wires are being quoted higher but buying is still low. 5.5 mm Wire Rod is being offered at INR 38500/MT which is INR 200/MT higher than the last trade. Note: Prices are Inclusive of VAT.
7 India: Wire Rod Prices slashed by INR /MT in a day Indian Wire Rod Prices have corrected by INR /MT from last trade. In Raipur and Durgapur Wire Rod prices have come down by INR /MT from last trade. Industry demand for Wire Rod is not encouraging from past few days owing to festive season and fall in semi finished and finished steel prices all over India. Presently in Raipur, 5.5 mm is traded at INR 38,350/MT and in Durgapur the same is offered at INR 36,800/MT. Prices include VAT RINL, a Primary Wire Rod producer has kept their offers unchanged for 8 mm size. Whereas a negligible hike of INR 50/MT has been made in 7 mm size. Vizag Wire rod 7 mm at INR 42850/MT Wire rod 8 mm at INR 42750/MT Prices include ED, VAT Extra.
8 Increased Steel Prices are Center of Attention to Finished Buyers Steel prices (Ingot, Billet, Sponge and Finished products) increased by INR 700-1,400/MT in last one week across India. Limited production of Ingot/Billet due to low conversion cost and shortage of Raw material have increased the product prices creating center of attention to finished buyers. Eyeing the spurt in Steel prices finished demand has increased in some places of India. In Rajasthan, Re-bar prices are increased by INR 1,400/MT on W-o-W basis. In Jaipur 12mm Premier Re-bar is being quoted at INR 35,900/MT, INR 300 higher from last trade. (Basic Price) According to a Re-bar trader based at Jaipur Ingot prices are increasing 2-3 times in a day and it is attracting the demand for finish buying.
9 Whereas in some places Re-bar manufacturers have changed the prices of Re-bar gauge difference to make a balance in conversion. In Muzaffarnagar, Jaipur and Durgapur the prices on Re-bar gauge difference are increased to about INR in various sizes. Gauge Difference JSW hopes that 2014 will be a better year Business Standard reported that with the possibility of iron ore prices coming down and steel prices remaining stable, leading domestic firm JSW Steel said that things are looking up for the industry next year. Mr Seshagiri Rao Joint MD and Group CFO of JSW Steel said that On iron ore, analysts have a lot of expectations. Huge supply will be there in market next year. At the same time, demand from China is likely to come down. Based on these 2 factors, iron ore price may not go up next year. Mr Rao said that Steel demand this fiscal is flattish as the consuming industries are not growing. That is also getting reflected in flattish consumption of steel. The demand has to revive to see the growth in the steel sector. He said that steel prices in India, which are often linked to international prices, would remain stable as demand for steel would be better next year with recovery happening in the US and the bottoming out of the European economy. He added that Recovery happening in the US market and consumption will go up there. Europe is already at the bottom, so there can be some
10 recovery there. Japan is reasonably doing well and Korea is quite okay. So, only thing we need to watch is China, which is expected to slow down next year. These would keep steel prices stable next year, when raw material prices are expected to come down is expected to be better for steel industry. Source Business Standard ( Majority of steel units in North India running below 50% capacity CII CII Accenture report said that majority of iron and steel units in northern India are running at below 50% of their capacities primarily because of power shortage and spiralling input cost. The report said that Most steel mills are running at less than 50% of their respective rated capacities because of poor supply and rising input cost. The power outages in northern states are resulting in production losses and forcing many mills to work only single shifts. The report on Indian Steel Industry-An overview and growth prospects of steel industry in north India further pointed out that rupee depreciation against the US dollar has not only raised industry s input cost but also dealt a severe blow to industry as it faced cancellation of export orders. It said that Depreciation of rupee resulted in significant increase in cost of imported steel melting scrap, a major input in secondary steel production. Further due to rupee depreciation, export orders have been cancelled or deferred, which is another set back for the steel industry in north India. Suggesting measures for de-bottlenecking steel sector in north, the report said that the steel suppliers should play a major role in implementation of mega investment projects, including USD 100 billion Delhi Mumbai Industrial Corridor, export zones and industrial parks across Rajasthan, Haryana and western UP as these projects will continue to drive sustained demand for long steel. Presenting potential growth constraints, the report said the growth in steel market is expected to be muted in short term on account of poor growth in core consumer sectors. It said that The demand is expected to rebound in later half of 2015 with growth in infrastructure as announced in 12th 5 year plan. Growth in automobile and consumer durable sectors will also support demand growth in long run. Regulatory hurdles and land acquisition challenges remain the largest supply side constraint for Indian steel market. India s northern steel hub contributes about 16% to country s annual steel output with hub comprising multiple small and medium units primarily induction furnaces and steel re rolling mills located in and around Punjab and Haryana. These units cater to construction and light engineering sector including bicycle and auto parts. Uttar Pradesh is the largest producer and consumer of steel in north India with production of 5.6 million tonne per annum. Source - PTI ( Steel producers urge Punjab govt to slash entry tax
11 Business Standard reported that perturbed over the high entry tax in Punjab, as compared to states like Uttar Pradesh, Haryana, Rajasthan and Delhi, iron and steel producers located outside the state feel that it is detrimental to the iron and steel based industry in the state and urged the government to bring it on a par with the neighbouring states. It is worth mentioning that Haryana charges 1% entry tax on iron and steel. Recently, Uttar Pradesh has also brought it on a par with that of Haryana by reducing it to 1% from 5%, whereas Punjab has imposed 5% as entry tax, the highest among the neighbouring states. Further, states like Delhi and Rajasthan have no entry tax on iron and steel produced outside the state. Speaking to Business Standard Mr V R Sharma deputy MD and CEO of Jindal Steel & Power Limited said that With annual consumption of 5 million tonne of iron and steel, Punjab features among the states where there is high consumption. But the imposition of five% entry tax on iron and steel produced outside the state is detrimental to the iron and steel based industry located within the state. According to him, this makes the input cost higher as compared to other manufacturers which based in other states. Sharing his views, Mr A S Cheema director of Cheema Boilers said that It s important that the manufacturers using iron and steel as raw materials procured from outside the state, should do value addition in their finished goods in order to sustain, otherwise it s very difficult to survive in this pricesensitive market. Therefore, manufacturers need to improve their understanding of buyer values and create innovative products targeted at different customer segments. However, responding to industrialists request, Mr Karan Avtar Singh principal secretary of industries & commerce Punjab said that The imposition of entry tax on iron and steel was done in order to promote the industry located inside the state. We expect new capacity addition will happen in this sector and it will attract new investments. According to the state government officials, if the sale of goods is within the state, the entry tax is adjusted but if it is outside the state, it cannot be reimbursed by the state. Experts are of the view that the imposition of entry tax on iron and steel makes the input cost higher and the goods manufactured in the state become non competitive as compared to the goods produced in other states. Source Business Standard (
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