Indian rebar, billet & sponge iron prices slightly fluctuated by INR 100-200/MT on D-o-D basis in major locations. The demand remained average, as per trade participants.
However is it also learned that, due to sufficient orders in hand, the producers are not willing to cut offers and have continued to keep offers unchanged.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,400-31,400/MT (USD 375-415) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-17,400/MT (USD 216-230); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 29th May 2020 (Friday) INR to USD exchange rate stood at INR 75.57.
— ICEX (Indian Commodity Exchange Ltd) Jun’20 contract for STEELLONG today open at INR 30,400/MT & last traded (IST 17:33 hrs) at INR 30,200/MT.
— BSE Sensex closed at 32,424(+223) on Friday, as against last day (Thursday) at 32,200(+595).
— NSE Nifty50 index was closed today at 9,580(+90) & Nifty Metal at 1,879(+35).
Raw Material
— Central India, Raigarh based manufacturer has sold around 20,000 MT raw pellet at INR 5,600/MT EXW in last two days.
— Raigarh based manufacturers have offered 60-14 Silico Manganese at INR 62,500-63,000/MT EXW.
Semi Finished
— Primary mills billet export offers hovering at USD 380-390/MT EXW eastern India, equivalent to USD 400/MT CPT Nepal.
— Vizag Steel has invited spot sale notice for export of 10,000 MT Wire Rod and 30,000 MT Blooms in ocean market. The last date for bid submission is 4 Jun’20.
— Neo Metaliks in Durgapur has kept steel grade pig iron offers unchanged at INR 23,900-24,000/MT, however deals a day ago were reported at near to INR 23,700-800/MT ex-plant.
— Rashmi Metaliks in Kharagpur (Durgapur) have reduced sponge P-DRI offers by INR 200/MT to INR 16,500/MT FoR, as per sources.
— Gujarat, Gandhidham based manufacturers sold 3,000-3,500 MT billets at INR 28,200-28,300/MT EXW to Jaipur & Mandi Gobindgarh. Freight via road to Jaipur is INR 1,500-1,600/MT & to Mandi Gobindgarh at INR 2,500/MT.
— Raipur based manufacturers have traded sponge P-DRI at INR 16,100-16,200/MT, while official quotation reported at INR 16,200-300/MT; ex-plant.
— As per Ingot/billet manufacturers in Raigarh, Central India steel grade pig iron offers by traders at around INR 24,000-24,200/MT EXW.
— Raigarh based Singhal Steel offered P-DRI at INR 16,000-16,100/MT & Billet at INR 28,700-28,800/MT ex-Raigarh, officials reported.
— Hare Krishna, a 300 TPD sponge manufacturer in Bellary, Karnataka has offered FeM 79-80 P-DRI at INR 16,200-16,400/MT ex-plant, an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,300-16,400/MT ex-Bellary & around 1,000 MT deals reported in nearby region.
Rebar (12 mm)
— Real Ispat (GK TMT) unchanged their offer at INR 37,700/MT EXW (Raipur).
— Bajrangbali Steel Industries Pvt Ltd is offering Rebar at INR 35,200/MT EXW (Rourkela ).
— N.R Ispat & Power Pvt. Ltd (N.R TMT) is offering at INR 34,800/MT EXW (Raigarh).
— Scan Group branding (Shrishti TMT) is offering at INR 35,200/MT EXW (Raigarh).
— Swarup Rolling Mills (Swarup TMT) is offering at INR 35,900/MT EXW (Muzaffarnagar)
— Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offer at INR 36,700/MT EXW (Jalna).
— Mono Steel (India) Ltd. (Mono TMT) has unchanged their offer at INR 35,100/MT FoR (Gujarat).
— In heavy structural steel, trade discount maintained by Raipur based manufacturers is at INR 900 – 1,200/MT and trade reference prices at INR 36,300-36,600/MT (200 Angle) EXW.
Wire Rod & Pipe
— Wire rod traders in Raipur offer a discount of INR 800-1,000/MT, while base price through the plants unaltered at INR 34,100/MT ex-Raipur & INR 33,400-800/MT ex-Durgapur.
— ERW Pipe Manufacturers have kept offers at firm level to INR 36,400-36,500/MT ex-Raipur, INR 37,700/MT ex-Mandi Gobindgarh & INR 36,500-36,700/MT ex-Rourkela.
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