Indian secondary steel prices increased further by INR 50-500/t today. Billet prices rallied by INR 50-500/t, however a slight drop of INR 100-200/t was noticed in Gujarat, Mumbai & Rourkela.
Following the trend, sponge iron prices have seen a marginal increase of INR 50-200/t in many locations. Also, rebar prices moved up by INR 100-500/t with sharp hike of INR 500/t in southern & central regions.
Participants believe that, prices are less likely fall on account of costlier raw material along with active demand.
Raw Material
- BMM Ispat sold around 5,000 t pellets in nearby market at INR 9,000/t exw Bellary.
Semi Finished
- Induction grade billet export offers stable at around $420/t exw Durgapur, equivalent to $445/t CPT Nepal.
- Sponge P-DRI prices mostly stable at INR 21,700-21,900/t exw Raipur & sufficient deals reported by a couple of major producers.
- Ind Synergy (Raigarh) offered P-DRI at INR 20,800/t & billet at INR 31,200/t exw.
- Rashmi Metaliks has raised sponge P-DRI offers by INR 200/t to INR 21,600-21,700/t FoR Durgapur, as per participants.
- Visa Steels concluded deals of around 500 t steel grade pig iron to Durgapur at INR 28,200-28,300/t exw Jajpur.
- Shri Hari Sponge offered FeM 80 sponge C-DRI (mix material) at INR 22,000/t exw Rourkela.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 21,000/t exw Bellary (Up by INR 200/t).
- BMM Ispat increased offers by INR 100-200/t for FeM 80 P-DRI lumps to INR 21,000-21,200/t exw Bellary & around 1,000 t deals reported in nearby region.
Rebars (12 mm)
- BS TMX TMT offers reported at INR 34,100/t exw Raigarh.
- Rathi Stelmax TMT kept offer stable at INR 37,900/t exw Delhi/NCR.
- Century TMT is offering at 35,700/t exw Muzaffarnagar. (Up by 300/t).
- Vibrant TMT offers reported at INR 38,600/t FoR Ahmedabad (Up by INR 300/t).
- Kalika TMT is offering at INR 36,100/t exw Jalna (Up by INR 200/t).
Wire Rod & Structure
- Mid scale mills wire rod export offers increased by $5/t to $475-477/t exw Durgapur, equivalent to $500/t CPT Nepal, via road delivery.
- Trade discounts in Raipur wire rod up by INR 100/t to INR 1,100-1,300/t, however base offers remain unchanged at INR 35,500/t exw. Meanwhile in Durgapur, the producers have sharply increased offers by INR 700/t to INR 35,400-35,700/t exw.
- Raipur based heavy structure manufacturers, increase the base price by INR 200/t and maintained trade discount at INR 800-1,100/t, current trade price of 200 Angle stands at INR 38,100-38,500/t exw.
Reference prices as on 29th Oct’20
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