Indian domestic steel prices continue to exhibit weakening sentiments last week. The Indian Long Product Price Index ILPPI decreased by 13 points whereas Indian Flat Products Index IFPPI dipped by 64 points. The overall price index INDSPI decreased by 37 points.
Class 16-Oct 23-Oct Change %
ILPPI 6052 6039 -13 -0.2%
IFPPI 7481 7417 -64 -0.9%
INDSPI 6733 6695 -37 -0.6%
ILPPI - Indian Long Product Price Index
IFPPI - Indian Flat Product Price Index
INDSPI - Indian Steel Price Index
Long Products
Category 16-Oct 23-Oct Change %
PI - TMT 5763 5754 -9 -0.2%
PI - WRC 6545 6525 -20 -0.3%
PI - Angle 5752 5750 -2 0.0%
PI - Channel 5826 5806 -20 -0.3%
PI - Joist 5425 5422 -3 -0.1%
PI - Product Index
Flat products
Category 16-Oct 23-Oct Change %
PI - Narrow Plates 7130 7102 -28 -0.4%
PI - Wide Plates 7245 7230 -16 -0.2%
PI - Hot Rolled 7327 7258 -69 -0.9%
PI - Cold Rolled 8076 7956 -120 -1.5%
PI - Galvanized 7911 7890 -21 -0.3%
PI - Product Index
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1. Input material - Tailspin continues
The prices of input material dipped without any respite for the 3rd consecutive week . Brief periods of correction have promptly paled into another round of decline in the absence of demand for downstream long products.
International scrap prices have played first fiddle with sentiments remaining mellowed as demand of re bars has remained abysmally poor keeping the mills away from the market. Likewise the debacle in Chinese steel prices owing to surplus production and waning demand has kept the scrap prices low as mills scurry from production.
Melting scrap
80:20
HMS
Location Change
Chennai -4%
Kandla 0%
Mumbai -1%
Mandi -5%
Kolkata -5%
Kanpur -2%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
Alang
Product Size Change
Ships Mixed 0%
Plate cuttings 1” 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
Pencil ingot
Location Change
Mumbai 4%
Mandi -2%
Raipur -3%
Kanpur -2%
Kolkata 0%
Ghaziabad -1%
Muzzafarnagar -3%
Ahmedabad -1%
Rudrapur 1%
Hyderabad 1%
Raigarh -4%
Durgapur -2%
Nagpur -2%
Jamshedpur 0%
Jaipur 0%
Rourkela 0%
Bhiwari 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
Pig Iron
Location Change
Raipur 0%
Kolkata -1%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
Sponge iron
Location Change
Raipur 2%
Kolkata -13%
Bellary 2%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
2. Long products - Expectant spirits
The long product prices although has not shown any positivity in the recently however the happenings have been less pronounced compared to flat products. The market seems agog with expectation that the prices have hit the bottom as most of the suppliers are already producing below cost and would certainly bid for price hike to survive . Moreover with the culmination of festivities in India the situation is ripe for pick up in construction activities which has remained subdued for long . Massive allocation by the government for housing and infrastructure development in rural India will certainly unleash a period of hiked consumption.
TMT
Fe 415
12mm
Location Change
Chennai -3%
Mumbai 3%
Mandi 0%
Kolkata 0%
Delhi 0%
Kanpur -1%
Ahmedabad 0%
Indore 2%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
WRC
SWR14
5.5/6
Location Change
Chennai -1%
Raipur 0%
Kolkata 0%
Delhi 0%
Kanpur -1%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
ANGL
GRADE A
65X65X6
Location Change
Chennai 0%
Mumbai 3%
Mandi -2%
Raipur 0%
Kolkata 0%
Delhi 0%
Kanpur -1%
Ahmedabad -1%
Indore 2%
Bangalore 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
CNHL
GRADE A
75/40
Location Change
Chennai -3%
Mumbai 3%
Mandi -1%
Raipur 0%
Kolkata 1%
Delhi 0%
Kanpur -1%
Ahmedabad -1%
Indore 2%
Bangalore 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
JSTI
GRADE A
250X125
Location Change
Chennai 0%
Mumbai 3%
Mandi -2%
Raipur 0%
Kolkata 2%
Delhi -3%
Kanpur -2%
Ahmedabad 0%
Indore 2%
Bangalore 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
3. Flat products - Scene becomes murkier
The flat product market has not seen any happenings over the last 4 weeks. The prices are at abject level as the market prices diminishes week on week in the absence of demand. The negativity is having an extended run as buyers are well stocked which refuses to deplete in the absence of end use demand as well as the threat of Chinese imports. It is reported that some steel majors have been doling out sops like cash discount to the tune of INR 1200 -1500 per tonne and kind like Gold coins (3gms) on purchase of 10 tonne and above. The writing on the wall is clear that steel majors would go for price reduction in November .
HRC
Tube
2.5x1250
Location Change
Mumbai 0%
Ludhiana -3%
Kolkata -1%
Delhi -4%
Ahmedabad 0%
Indore 0%
Bangalore 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
Patra
Location Change
Ludhiana 2%
Mandi -2%
Delhi 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
Plates
GRADE A
8X1250/1500
Location Change
Chennai 0%
Mumbai 0%
Kolkata -1%
Delhi -1%
Kanpur 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
Plates
GRADE B
12-20X2500
Location Change
Chennai 0%
Mumbai 0%
Raipur 0%
Kolkata 0%
Delhi 0%
Kanpur -1%
Ahmedabad 0%
Indore -1%
Bangalore 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
CR
DSK
0.63x1000
Location Change
Chennai -1%
Mumbai 0%
Pune 0%
Kolkata -2%
Delhi -5%
Kanpur 0%
Ahmedabad -1%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
GC
100Gms
0.4
Location Change
Chennai -1%
Mumbai 0%
Kolkata -1%
Delhi -1%
Kanpur -1%
Bangalore 0%
Change is on October 23rd as compared to October 16th 2009
Change is in INR per tonne
4. Indian Export Levels - Wilts under Chinese pressure
The rampaging Chinese offers has not only send the offer levels crashing , but soaring buyers expectation for a cheaper booking . The market is in huddle expecting further decline. The ensuing imbroglio eludes clarity and definite direction. The market is highly China centric.
Item Grade Size Delivery Change
PLTS Structural 12-40x2.5 FOB Vizag -30
HDG 100Gms 0.4 FOB Mumbai 0
PPGI Standard RAL 0.4 FOB Mumbai 0
Change is on October 23rd as compared to October 16th 2009
Change is in USD per tonne
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(Sourced from www.steelprices-india.com)
Main Sourse: http://www.steelguru.com/news/index/2009/10/26/MTE3NjM1/Monday_Market_Monitor_-_India_%2528WEEK_43%2529_-_Unimpeded_decline.html
Monday, October 26, 2009
Monday Market Monitor - India (WEEK 43) - Unimpeded decline
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