Indian secondary steel manufacturers have maintained stability in offers against yesterday, however limited inquiries forced them to deal at lower price range than the prevailing offers.
The standalone furnaces & sponge iron plants in major locations remained close, as stated by participants. Meanwhile, the producers are waiting for a clear market direction to resume activities in full swing.
Rupee & BSE Sensex
— On 28th Apr’20 (Tuesday) INR to USD exchange rate stood at INR 75.85
— BSE Sensex closed at 32,114 (+371) on Tuesday (28th Apr’20) as against last day (Monday) at 31,743 (+416).
— NSE Nifty50 index was closed today at 9,380 (+98) & Nifty Metal at 1,661 (-5).
Secondary steel market update –
Raipur: Rebar offers moved up by INR 200/MT to INR 31,500/MT and trades were reported at INR 31,100-200/MT and lowest range marked around INR 30,800-900/MT EXW.
— Whereas heavy structure base offers stand at INR 30,800/MT but trade discounts increased by INR 400-800/MT which has affected buying inquiries along with trade volume and no major movement shared by trade associates and 200 Angle offers assessed at INR 33,000-33,400/MT EXW.
— While, medium & light structure basic price remains unchanged at INR 25,500/MT. Hardly any deal was concluded on day basis amidst of strengthening COVID-19 cases and disrupting supply movement of light/medium structure and 100/50 Channel offers assessed at INR 29,400-600/MT, EXW.
— Kamdhenu TMT is offering at INR 33,800/MT EXW.
— GK TMT have remained unchanged their offers at INR 33,700/MT, EXW.
— Wire rod base offers remain steady at INR 30,000/MT, although deals assessed at a price range of INR 28,800-29,000/MT EXW. Meanwhile, GI Wire (12 G) offers steady at INR 39,000-39,200/MT & BINDING Wire (20 G) at around INR 37,500/MT EXW.
— Billet offers fell gradually to INR 25,700/MT FoR basis from Raigarh (advance payment) & local Raipur based plants offer at INR 25,900-26,000/MT EXW on next day payment.
— No fresh deals reported in Silico Manganese, while offers reduced to INR 66,000-67,000/MT EXW.
— Shri Bajrang Power & Ispat Ltd (SBPIL) – central India’s major merchant sponge supplier in spot market is going to resume operations from tomorrow (i.e.29 Apr’20) with about 70% capacity utilization, as per officials.
Durgapur: The manufacturer based in Kharagpur has unchanged offers, Rebar at INR 30,000-30,100/MT, Wire rod at INR 29,400-29,500/MT & Billet at INR 25,500-25,600/MT, respectively.
As per official, few deals concluded directly to project buyers, while no inquiries from retail segment traders.
Raigarh: As per sources in Jindal park – Punjipatra, few mills are operational with 40-50% production capacity over limited demand. Billet offers reported at INR 25,100-200/MT EXW.
— Sponge offers declined by INR 200-300/MT to INR 15,100-200/MT (P-DRI) & INR 16,000-16,100/Mt (C-DRI).
— Scan Group branding (Shrishti TMT) offers are at INR 30,500/MT EXW.
— N.R Ispat & Power Pvt. Ltd (N.R TMT) offers are at INR 30,300/MT EXW.
Mandi Gobindgarh: The market remains closed and the manufacturers didn’t offer.
Rourkela: The sponge C-DRI producers have kept offers unaltered at INR 16,000/MT EXW, however if demand occurs may give a discount of INR 200-300/MT. While a trader offers reported at INR 15,200-300/MT EXW. Billet deals stated at INR 25,300-400/MT EXW.
— Bhaskar Steel and Ferro Alloy Ltd is offering FeM 80 C-DRI at INR 16,000/MT & Billet at INR 25,300-25,400/MT ex-plant.
— Bajrangbali Steel Industries in Odisha is kept unchanged Rebar offers at INR 31,300-500/MT EXW.
— Rourkela based ERW pipe manufacturers are offering pipe at INR 32,000-32,500/MT EXW.
Hyderabad: The manufacturers based in Telangana are not offering Billet over nil productions amid shutdown of rolling mills. However few rolling mills have offered to sale of Rebar stock at INR 32,000/MT EXW, which is up by around INR 1,000/MT as against the last day & as per the update no deals at this price.
Bellary: The sponge manufacturers are offering FeM 80 P-DRI at INR 16,400-600/MT EXW. However sales remains limited as no major buying interest is seen from Maharashtra and Telangana markets.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,500/MT EXW.
Mumbai: Still no offers and deals reported for Ingot and Billet.
— Guardian Castings Pvt. Ltd. (Guardian TMT) is offering Rebar at INR 33,400/MT EXW.
— Whereas in Structure offers for 25*25 Angle stood at INR 36,800/MT and for 40*40 Angle at INR 34,800/MT EXW.
Jalna: To start production here mill owners are in touch with the state govt. authorities and they are hopeful that most probably after 3rd May’20 they will resume production. But as of now no such offers for Billet & Rebar.
Ahmedabad: Ship breaking yards in Alang offering limited scrap in the market i:e; Melting & Attachment along with few other sizes. Melting stands at INR 21,500-600/MT and Attachment scrap registered at INR 22,100-300/MT which has been concluded by particular traders to supply Forging units, Ex-Yard.
— Billet price remains unchanged at INR 28,500/MT FoR.
— Trade price of Rebar also remains unchanged at INR 33,400-33,900/MT FoR.
— Shreeyam Power & Steel Industries Ltd has unchanged Rebar offer at INR 34,200/MT FoR.
Note: The prices mentioned above for Rebar at 12-25mm, Wire rod at 5.5mm & Billet of 100*100mm.
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