Indian secondary steel market has registered a sharp hike in prices today. The prices rallied primarily in central India (Raipur) after yesterday’s meeting of industry association with an objective to increase conversion spread of induction operators. After this, billet & rebar prices rose by INR 900-1,000/t & INR 1,700/t, respectively.
Looking at this, market trends turned positive in remaining locations & the prices rallied by upto INR 1,700/t ($23) today, with sharp surge in southern & western India, in rebars specially.
In line sponge iron prices increased marginally by INR 100-300/t in central, east & southern regions following the price rally in billet prices.
Participants stated that prices may remain strong as sufficient trades took place today despite a sharp surge in offers, which may influence suppliers to keep prices strong.
Raw Material
- Monnet Ispat offered 60-14 silico manganese at INR 64,000/t exw Raipur- Officials.
Semi Finished
- Raipur based sponge makers have increased P-DRI offer by INR 200-300/t to INR 25,500/t exw & sufficient deals reported in local market.
- Monnet Ispat has offered sponge DR-CLO grade at INR 27,400/t & P-DRI at INR 25,500/t exw Raipur.
- Raigarh based Singhal Steel offered billet at INR 36,800/t exw.
- As per participants, about 5,000 t Induction grade billet export deals concluded today at $504-506/t exw Durgapur, equivalent to $530/t CPT Nepal.
- Neo Metaliks in Durgapur has kept steel grade pig iron price stable at INR 34,500/t exw & few deals reported in local market.
- Jajpur, Odisha based sponge manufacturer sold around 1,000 t C-DRI mix material to Mandi Gobindgarh at INR 26,000/t exw and freight cost cited at INR 3,300/t via road.
- Odisha based manufacturer, Ganesh Metaliks concluded a deal of 500 t billet at INR 36,800/t exw and freight cost cited at INR 2,300/t via road, an official reported.
- Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 33,200/t exw Jajpur.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 26,700/t exw Bellary (Up by INR 200/t).
Rebar (12 mm)
- Kalika TMT is offering at INR 44,500/t exw Jalna.
- Century TMT offers reported at INR 41,000/t exw Muzaffarnagar.
- Shrishtii TMT offers reported at INR 41,000/t exw Raigarh.
Wire Rod and Structure
- Mid scale mills wire rod export offers up by $5/t to around $570/t exw Durgapur, equivalent to $595/t CPT Nepal, for commercial grade.
- Trade discounts in Raipur wire rod up by INR 300-500/t to INR 800-1,000/t, also base offers hike by INR 1,500/t to INR 42,300/t exw. In addition, Durgapur plants raised offer by INR 500/t to INR 41,800-42,000/t exw.
- Raipur based heavy structure manufacturers, increase their base price by INR 500/t to INR 41,000/t, and given trade discount by INR 400-700/t, current trade price of 200 Angle is at INR 43,200-43,600/t exw.
Reference prices as on 16th Dec’20
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