Secondary steel prices fell slightly as several plants resumed operations, however demand in spot steel market remained limited. This led to mis-match in supply-demand and drop in price range by INR 100-400/MT D-o-D basis.
Rupee & BSE Sensex
— On 27th Apr’20 (Friday) INR to USD exchange rate stood at INR 76.16
— BSE Sensex closed at 31,743 (+416) on Monday (27th Apr’20) as against last day (Saturday) at 31,327 (-536).
— NSE Nifty50 index was closed today at 9,282 (+127) & Nifty Metal at 1,666 (+21).
Secondary steel market update –
Raipur: Rebar offers fell by INR 200/MT to INR 31,300/MT and most of the trades reported at INR 30,900-31,000/MT and lowest range observed at INR 30,600/MT EXW.
— Whereas heavy structure base offers stands at INR 30,800/MT unchanged against last day offers with no major buying inquiries heard so far and current offers for 200 Angle assessed at INR 33,400-600/MT.
— While, medium and light structure basic prices are hovering at INR 25,500/MT which is getting trade to the surrounding locations mostly with angle/channels and 100/50 Channel current offerings assessed at INR 29,400-600/MT, EXW.
— However, Premium Rebar brands like GK TMT have remained unchanged their offers at INR 33,700/MT, EXW.
— Wire rod base offers firm at INR 30,000/MT EXW, although few deals are assessed at a discount price of INR 1,000/MT to INR 29,000/MT EXW. GI Wire (12 G) trades heard at INR 39,000-39,200/MT & BINDING Wire (20 G) at around INR 38,000/MT EXW.
— Billet offers moved down by INR 100-200/MT to INR 25,700-800/MT FoR basis from Raigarh (advance payment) & local Raipur based plants at INR 26,000/MT EXW on next day payment.
— Silico Manganese (60-14) offers were assessed at INR 67,000/MT EXW.
— One of the largest steel producers in central India – Prakash Industries Limited (PIL) has resumed operations.
Durgapur: A manufacturer based in Kharagpur has kept Rebar offers unchanged at INR 30,000-30,100/MT, However Wire rod & billet offers reduced by INR 300/MT to INR 29,400-500/MT & INR 25,500-600/MT, respectively.
— Adhunik Industries Ltd. (Adhunik TMT) is offering at INR 30,600/MT.
Raigarh: Selling pressure remains with the manufacturers. Sponge offers declined by INR 400/MT to INR 15,300-15,400/MT (P-DRI) & INR 16,300-16,400/MT (C-DRI). However buying interest for P-DRI seen at INR 15,000/MT.
— Billet offers fell by INR 100-200/MT to INR 25,300-400/MT EXW.
— 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 are waiting for government directions to resume activities.
— Uttar Pradesh based Gallant Ispat Ltd (Gallant TMT) is offering at INR 35,600/MT.
Rourkela: The producers kept sponge C-DRI offers unaltered at INR 16,000/MT with no major buying interest. While offered by a trader in Rourkela reported at INR 15,300-500/MT EXW. Buying interest from Raigarh plants assessed at INR 16,000/MT FoR Raigarh.
— Billet offers reported at around INR 25,200/MT EXW.
— Bajrangbali Steel Industries in Odisha is offering rebar at INR 31,300-400/MT EXW.
Hyderabad: As per trade sources, most of the plants in Telangana are not operational and are in a wait & watch situation.
Mumbai/Jalna: In terms of offering price of Ingot/Billet, Rebar and resume in operation by plants but such no development has been noticed in these locations.
— Wardha based Sangam TMT is offering at INR 32,500/MT EXW.
Ahmedabad: Billet offers remained unchanged at INR 28,500/MT FoR. Most of the rebar manufacturers have opened their offering price but their major supplying locations are still under red zone. Due to limited trade activities, the trade price of rebar remained unchanged at INR 33,400-900/MT FoR.
— Akshar Ispat Ltd. (Akshat TMT) is offering at INR 34,200/MT FoR.
— Shreeyam Power & Steel Industries Ltd (National TMT) is offering 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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