Indian steel prices in the secondary market remained volatile today by INR 100-500/t. As per the daily assessment, the sponge iron prices have observed a fall of INR 100-400/t in many locations.
Following the same trend, billet prices have declined by INR 50-500/t, except in central & southern India (Raipur & Chennai respectively) where prices were supported by INR 50-300/t d-o-d. In context to rebar, prices have decreased by INR 100-500/t in the major markets.
Trade sources remained optimistic about market direction, however there were limited spot trades in the majority of markets despite slight price fluctuation.
Semi Finished
- Induction grade billet export offers dropped by $10/t to $460-465/t exw Durgapur, equivalent to $485-490/t CPT Nepal.
- Raipur based sponge producers have reduced P-DRI offers by INR 200/t at INR 24,900-25,000/t exw. However, few deals learned at INR 24,700-24,800/t on FoR Raipur basis from outside sellers.
- Raigarh based BS Sponge offered P-DRI at INR 24,200/t & Billet at INR 34,300/t exw.
Ind Synergy (Raigarh) offered P-DRI at INR 24,500/t exw. - Rashmi Metaliks has reduced sponge P-DRI offers at INR 24,700/t FoR Durgapur, as per market sources.
- Neo Metaliks has maintained a pig iron price firm & reported steel grade at INR 30,500/t exw Durgapur, however no fresh deals as per officials.
- Visa Steels kept offers unchanged for steel grade pig iron at INR 30,200-30,300/t exw Jajpur.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 24,500/t exw Bellary.
- Hare Krishna has offered FeM 79-80 P-DRI at INR 24,500/t exw Bellary
Rebar (12 mm)
- GK TMT is offering at INR 40,000/t exw Raipur (Down by INR 300/t).
- Shrishtii TMT offers reported at INR 37,400/t exw Raigarh (Up by INR 100/t).
- Century TMT offers assesed at INR 38,000/t exw Muzaffarnagar.
- Rathi Stelmax TMT is offering at INR 40,300/t exw Delhi/NCR (Down by INR 800/t).
- Mono TMT is offering at INR 41,000/t FoR Ahmedabad (Up by INR 200/).
- Polaad TMT unchanged their offer at INR 40,500/t exw Jalna.
Wire Rod & Structure
- Mid scale mills wire rod export offers fell by $10/t to $515-520/t exw Durgapur, equivalent to $540-545/t CPT Nepal.
- Trade discounts in Raipur wire rod up by INR 200/t to INR 1,200-1,400/t, however base offers remained firm at INR 39,300/t exw. Although, trade reference price in Durgapur fell by INR 400/t to INR 38,200-38,500/t exw.
- Raipur based heavy structure manufacturers, kept stable their base price at INR 39,000/t exw, and maintained trade discount at INR 800-1,000/t, current trade reference price of 200 Angle assessed at INR 40,900-41,300/t exw.
Reference prices as on 23rd Nov’20
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