Inquiries in spot market remained limited among mid scale steel mills & the prices of sponge iron, billet & rebar slightly fluctuated by INR 100-200/MT today.
The producers have reported falling future orders, hence are assuming slight price corrections, if the same situation persists in near term.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,300-31,600/MT (USD 374-419) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,900-17,000/MT (USD 210-225); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 4th June 2020 (Thursday) INR to USD exchange rate stood at INR 75.51.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,700/MT & last traded (IST 18:04 hrs) at INR 30,870/MT.
— BSE Sensex closed at 33,980(-128) on Thursday, as against last day (Wednesday) at 34,109(+284).
— NSE Nifty50 index was closed today at 10,029(-32) & Nifty Metal at 1,972(+20).
Raw Material
— Raipur based suppliers offering Silicon Manganese (60-14) at INR 61,000-61,500/MT, however buying inquiries reported at INR 60,500-61,000/MT EXW.
Semi Finished
— Mid scale mills billet export offers roll-over on day trades and is assessed at USD 370-372/MT ex-mill at Durgapur, equivalent to USD 400/MT CPT Nepal.
— As per custom data maintained by SteelMint, Bangladesh has imported a bulk vessel of sponge iron from India of 10,000 MT in the mid of May’20.
— Rashmi Metaliks has slightly cut sponge P-DRI offers by INR 100/MT to INR 15,800/MT FoR Durgapur, as per sources.
— Raipur based sponge producers have maintained P-DRI offers firm at INR 16,100-200/MT, however few buying inquiries reported at near to INR 16,000/MT; both on ex-plant basis.
— As per Ingot/billet manufacturers in Raigarh, Central India steel grade pig iron offers by traders at around INR 24,000-24,300/MT EXW.
— Raigarh based manufacturers sold around 3,500 MT billets to Uttar Pradesh (North region) at INR 28,500-28,600/MT EXW.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,500-15,700/MT ex-Bellary & around 3,000 MT deals reported in nearby region.
Rebar (12 mm)
— Rathi Stelmax Steel is offering at INR 37,200/MT EXW (North Region).
— Real Ispat GK TMT has unaltered their offer at INR 36,800/MT EXW (Raipur).
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 35,100/MT EXW.
— Scan Group branding (Shrishti TMT) has kept offers unaltered at INR 35,000/MT EXW (Raigarh).
— Anjani Steels Ltd. (Radhe TMT) is current offering at INR 34,800/MT EXW (Raigarh).
— Sarvottam Rolling Mills (Paras TMT) is offering at INR 35,600/MT EXW (Muzaffarnagar).
— SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,100/MT EXW (Jalna).
— Vinayak TMT Bars Pvt. Ltd. is offering at INR 35,000/MT FoR (Gujarat).
— Aone Steel (A one Gold TMT) is offering at INR 43,500/MT (Size 8 mm, Incl GST).
— Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 36,500/MT EXW.
— In heavy structural steel, trade discount maintained by Raipur based manufacturers is at INR 600-1,000/MT and trade reference prices at INR 36,100-36,500/MT (200 Angle) EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod down by INR 200/MT to around INR 600-800/MT through the traders, also base prices dropped by INR 400/MT to INR 33,100/MT ex-plant. However in Durgapur trade reference prices are stable at INR 32,900-33,200/MT ex-plant.
— ERW Pipe Manufacturers have kept offers at firm level to INR 35,800-36,000/MT ex-Raipur, INR 37,700/MT ex-Mandi Gobindgarh & INR 36,200/MT ex-Rourkela.
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