Indian billet & rebar prices fell further by INR 100-400/t in major locations on account of limited spot trades. While sponge iron prices fluctuated marginally by INR 100/t amid sufficient orders with producers and unchanged price of raw materials.
It is learned that, due to rising inventories of finished steel, the few rebar producers in central & eastern India recently have reduced productions by 20-30% to 50-60%.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,400-30,300/t ($352-404) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,300-16,800/t ($204-224); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 8th July 2020 (Wednesday) INR to USD exchange rate stood at INR 75.04.
— BSE Sensex closed at 36,329(-345) on Wednesday, as against last day (Tuesday) at 36,674(+187).
— NSE Nifty50 index was closed today at 10,705(-93) & Nifty Metal at 2,054(+31).
Raw Material
— SECL, the largest coal-producing subsidiary of CIL, is inviting bids for the spot auction of 1,577,880 t coal, scheduled on 13 Jul’20.
Semi Finished
— Vizag Steel has floated an export tender of 30,000 t blooms (150*150 mm) for Aug-end shipment. The due date of the tender is 14 Jul’20.
— Durgapur based Neo Metaliks has kept steel grade pig iron prices firm at INR 24,500/t EXW & few deals reported in local market.
— Sponge P-DRI offers through the Rashmi Metaliks remained firm at around INR 16,000/t, sources reported.
— Raipur based sponge manufacturers have kept sponge P-DRI offers firm at INR 15,700-800/t EXW, however no major deals reported due to fall in billet prices today along with healthy deals yesterday.
— Ganesh Sponge Pvt. Ltd. based in Angul, Odisha is offering sponge C-DRI 100% lumps at INR 16,700/t FoR Raigarh.
— Raigarh based BS Sponge offered P-DRI at INR 15,400/t & Billet at INR 26,700/t EXW.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 26,200/t EXW.
— BIOP Steels in South India is offering FeM 80 & 82 C-DRI lumps at INR 15,300/t & INR 15,700/t EXW & around 1,500 t deals reported in Maharashtra & Karnataka region.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 14,900-15,000/t ex-Bellary & around 1,500 t deals reported in nearby region.
Rebar (12 mm)
— Swarup TMT is offering at INR 31,800/t EXW Muzaffarnagar.
— GK TMT stable their offer at INR 33,000/t EXW Raipur.
— BS Sponge (BS TMX TMT) is offering at INR 29,800/t EXW Raigarh.
— Scan Group (Shrishti TMT) is offering at INR 30,800/t EXW Raigarh.
— Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 30,000/t EXW Rourkela.
— Polaad TMT keep offers stable at INR 32,000/t EXW Jalna.
— Mono TMT is offering at INR 32,500/t FoR Ahmedabad.
— ARS 550 D is current offering at INR 40,200/t EXW Chennai.
— Trade discount by Raipur based heavy structure manufacturers remain stable at INR 600-900/t and trade price of 200 Angle is at INR 34,000-34,400/t EXW.
Wire Rod & Pipe
— Wire rod export offers of Indian large scale mills (SAE 1008) through the major buyers in Nepal reported at around $415/t EXW- eastern India.
— Trade discounts in Raipur wire rod assessed at INR 1,000-1,200/t through the traders & base price unchanged at INR 30,800/t EXW. However in Durgapur trade reference prices fell by INR 300/t to INR 30,400-30,800/t ex-Durgapur.
— ERW Pipe manufacturers have decreased offers by INR 100-200/t to INR 33,100/t ex-Raipur, INR 36,500/t ex-Mandi Gobindgarh & INR 33,300-33,500/t ex-Rourkela.
Reference prices as on 8th Jul’20
Basic prices in INR/t & excluding GST @ 18%
Source: SteelMint Research
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