Indian secondary steel market observed a further decline in prices upto INR 700/t ($10) today. This was largely due to fewer trade activities on account of the festive mood in northern, western & southern India.
As per SteelMint’s assessment, sponge iron and billet prices have declined by INR 100-300/t in major locations, however, billet prices majorly dropped by INR 600-700/t in Mandi Gobindgarh and Ahmedabad. In line, the rebar market also noticed a downfall in prices by INR 100-400/t, d-o-d.
Semi Finished
- Induction grade billet export offers to Nepal is reported at $530-533/t exw Durgapur (equivalent to $555/t CPT Nepal).
- Indian sponge iron export offers to Bangladesh declined to around $385-390/t CPT Benapole (equivalent to $405 CFR Chittagong).
- Raipur based sponge P-DRI manufacturers have kept offers stable at INR 26,000/t, however few trades reported at around INR 25,800-25,900/t exw.
- Neo Metaliks in Durgapur has reduced steel grade pig iron price by INR 100/t to INR 35,700/t exw & few deals reported by officials.
- Visa Steels is offering steel grade pig iron at INR 35,800/t exw Jajpur (Down by INR 200/t).
- Ind Synergy (Raigarh) offered P-DRI at INR 25,600/t & billet at INR 39,000/t exw.
- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 26,000/t & billet at INR 38,800/t exw Badtumkela.
- Rourkela based manufacturer, Mahavir Ferro Alloys offered billet at INR 39,200/t exw.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 26,600-26,700/t exw Bellary (Down by INR 300/t).
- BMM Ispat decreased offers by INR 100/t for FeM 80 P-DRI lumps to INR 26,400/t exw Bellary. However no deals reported from officials.
Rebar (12 mm)
- GK TMT is offering at INR 46,800/t exw Raipur (Down by INR 200/t).
- BS TMX TMT offers reported at INR 43,800/t exw Raigarh.
- Century TMT offers assessed at INR 42,800/t ew Muzaffarnagar.
- Vinayak TMT offers reported at INR 47,800/t FoR Ahmedabad.
- Polaad TMT is offering at INR 49,000/t exw Jalna (Down by INR 200/t).
Wire Rod and Structure
- Mid scale mills wire rod export offers declined by $5/t to around $620/t exw Durgapur, equivalent to $645/t CPT Nepal.
- Trade discount in Raipur wire rod is hovering at INR 1,200/t & base offers remain unchanged at INR 45,800/t exw. Also, trade reference price in Durgapur stable at INR 45,300-45,500/t exw.
- Raipur based heavy structure manufacturers, kept stable their base price at INR 44,000/t, and given trade discount by INR 800-1,100/t, current trade price of 200 mm Angle is at INR 45,800-46,200/t exw
Reference prices as on 13th Jan’21
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