The steel prices in Indian secondary market increased further by INR 100-500/t today. Billet prices moved up by INR 100-500/t & sponge iron prices by INR 300-500/t. In addition to it, rebar prices rallied by INR 100-400/t in major markets.
According to market participants, rake movement remained suspended in Punjab as farmer’s strike continues. However, on the other hand, finished steel demand across major markets remained less than average, leading to piling up of stock, especially in structural steel in the central & eastern regions.
Raw Material
- Silicon manganese (60-14) trades assessed at INR 58,000-58,500/t exw Raipur.
- BMM Ispat sold around 10,000 t pellets in nearby market at INR 8,800-8,900/t exw Bellary.
Semi Finished
- Induction grade billet export offers increased to $418-420/t exw Durgapur, equivalent to $445/t CPT Nepal. However no fresh deals, as per trade sources.
- Indian sponge iron (80 FeM, 100% lumps) export offers up by $10/t to $310-315/t CPT Benapole, equivalent to $325/t CFR Chittagong, Bangladesh. The prices surged on increasing Indian domestic offers due to supply shortage.
- Major sponge P-DRI producers in Raipur have further raised offers by INR 500/t to INR 21,600-21,800/t exw & sufficient deals reported today.
- Raipur based mills sourcing Sponge C-DRI lumps from Rourkela at around INR 22,700/t FoR Raipur.
- Billet deals reported at INR 31,500-31,600/t FoR Raipur from Raigarh based manufacturers.
- Ind Synergy (Raigarh) offered billet at INR 31,000/t exw (Up by INR 300/t).
- Visa Steels concluded deals of around 1,000 t steel grade pig iron at INR 28,000/t exw Jajpur.
- Aloke Steel Industries (Jharkhand) offered Fem 80 P-DRI lumps at INR 20,500/t exw & around 500 t deals reported in nearby region.
- Bhaskar Steel and Ferro Alloy Ltd offered FeM 80 C-DRI lumps at INR 21,500/t & billet at INR 30,500-30,600/t exw Badtumkela.
- Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 21,800-22,000/t exw.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 20,400/t exw.
- BMM Ispat increased offers by INR 200-300/t for FeM 80 P-DRI lumps to INR 20,600/t exw Bellary & around 2,000 t deals reported in nearby region.
Rebar (12 mm)
- Shrishtii TMT offers reported at INR 34,300/t exw Raigarh (Up by INR 400/t).
- Rathi Stelmax TMT is offering at INR 37,600/t exw Delhi/NCR (Up by INR 200/t).
- Swarup TMT offers reported at INR 35,200/t exw Muzaffarnagar.
- Vibrant TMT kept offers stable at INR 38,400/t FoR Ahmedabad.
- Polaad TMT is offering at INR 35,700/t exw Jalna (Up by INR 200/t).
- Shakambhari ispat (Thermocon TMT) offers reported at INR 34,000/t exw Purulia.
- A one Gold TMT offers reported at INR 37,300/t exw Bellary (Up by INR 400-500/t).
Wire Rod, Pipe & Structure
- Mid scale mills wire rod export offers hovering at $472-474/t exw Durgapur, equivalent to $500/t CPT Nepal, via road delivery.
- Trade discounts in Raipur wire rod slightly drop by INR 200/t to INR 800-1,000/t, however base offers remain firm at INR 35,100/t exw. Durgapur based plants have increased offers by INR 300/t to INR 34,400-34,700/t exw.
- An Odisha based ERW Pipe manufacturer have kept offers at firm level to INR 37,500/t exw Rourkela.
- A One Steel & alloys is offering ERW pipe at INR 45,000/t exw Bellary.
- Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 42,900/t exw Hyderabad (Up by INR 500/t).
- Trade discount given by Raipur based heavy structure manufacturers is at INR 700-1,000/t, current trade price of 200 Angle stood at INR 37,700-38,100/t exw.
Reference prices as on 27th Oct’20
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