Indian steel prices increased further despite average spot trades in billet. As per SteelMint’s daily assessment, sponge iron & billet prices surged by INR 50-300/t in major markets.
Also, rebar prices moved up by INR 100-500/t in many locations, however, it fell by INR 100-200/t in Bangalore & Jalna.
Industry sources mentioned that, at current price of sponge iron, billet & rebar, they are unable to run units, hence are looking to further lower production to maintain supply-demand and fetch better margins.
Raw material
- Silicon Manganese (60-14) offers in Raipur is hovering at INR 62,000/t exw through the manufacturers, however by traders it was offering at INR 61,500/t exw.
Semi Finished
- Indian sponge iron export offers further increase to $310-315/t CPT Benapole, equivalent to $330-335/t CFR Chittagong, Bangladesh. However as per trade sources, inquiries remain poor as no fresh bookings by major Bangladeshi mills due to significant price rally.
- Induction grade billet export offers slightly gained by $2/t to around $416-418/t exw Durgapur, equivalent to $442-444/t CPT Nepal, via road delivery.
- Raipur based major sponge manufacturers have kept P-DRI offers firm at INR 20,100-20,200/t exw, however trades remain limited despite strengthening billet prices.
- Neo Metaliks has kept steel grade pig iron price firm at INR 29,000-29,100/t exw Durgapur. Inquiries remain average, as per officials.
Rebar (12 mm)
- Bhagyalaxmi rolling mill (Polaad TMT) sold around 3,500 t of rebar at INR 34,600/t exw Jalna.
- Gajkesari steel & alloys (Gajkesari TMT) sold over 1,200 t of rebar at INR 33,900/t exw Jalna.
- GK TMT offers at INR 35,300/t exw Raipur (Up by INR 300/t).
- Rathi Stelmax TMT is offering at INR 36,500/t exw Delhi/NCR (Up by INR 200/t).
- Swarup TMT has kept offers at INR 34,700/t exw Muzaffarnagar (Up by INR 300/t).
- Mono TMT has unaltered offers at INR 35,900/t FoR Ahmedabad.
- Triple Power is offering at INR 36,000/t exw Chennai.
Wire Rod, Pipe & Structure
- Mid scale mills wire rod export offers rally on domestic gain and current offers stood at $455-457/t exw Durgapur, equivalent to $480-483/t CPT Nepal.
- Trade discount in Raipur wire rod firm at around INR 1,000/t, although base price up by INR 300/t to INR 34,300/t exw. Also in Durgapur trade reference price increases by INR 200/t to INR 33,500-33,800/t exw.
- Trade discount by Raipur based heavy structure manufacturers is at INR 800-1,100/t and trade price of 200 Angle is at INR 36,900-37,300/t exw.
Reference prices as on 8th Sep’20
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