Indian secondary steel market sentiments remained dull due to limited trades being observed in the market and prices have declined further up to INR 1,200/t ($16) d-o-d.
As per the SteelMint’s assessment, sponge iron and billet prices have fallen by INR 100-1,200/t in most of the regions and a major price drop in billet was noticed in west India (Mumbai and Ahmedabad) by INR 1,000-1,200/t. Also, rebar prices have dropped by INR 100-900/t with a sharp fall of INR 900/t being observed in Mumbai.
The majority of sponge makers in central & eastern regions have reported loss to trade material at current prices due to higher offers of pellets. Hence, they are assuming stability or rebound in offers.
Semi Finished
- Induction grade billet export offers fell by $5-8/t to $500/t exw Durgapur, equivalent to $525/t CPT Nepal. As per participants, buyers are booking as per necessity and are waiting for more corrections.
- Indian sponge iron export offers down by $15-20/t to $360-365/t CPT Benapole, equivalent to $375-380/t CFR Chittagong, Bangladesh.
- Sponge P-DRI offers registered sharp fall in Raipur by INR 500/t to INR 24,400-24,500/t exw & demand remains limited, as per manufacturers.
- Raipur based mills sourcing Sponge C-DRI lumps from Rourkela at around INR 25,600/t FoR Raipur.
- Neo Metaliks in Durgapur has sharply cut steel grade pig iron offers by INR 700/t to INR 34,500/t exw. Falling billet prices & lower bids in auction floated by SAIL, has resulted in a plunge in pig iron prices.
- Raigarh based Singhal Steel offered billet at INR 36,300/t exw (Down by INR 600/t).
- Wada (Maharashtra) based mills sourcing FeM 80 C-DRI lumps from Bellary at around INR 26,200/t on FoR basis.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 24,600/t exw Bellary.
- Hare Krishna has offered FeM 79-80 C-DRI lumps at INR 24,400/t exw Bellary (Down by INR 400/t).
- BMM Ispat decreased offers by INR 200/t for FeM 80 P-DRI lumps to INR 24,300/t exw Bellary.
Rebar (12 mm)
- BS TMX TMT is offering at INR 41,000/t exw Raigarh (Down by INR 500/t).
- Rathi Stelmax TMT offers reported at INR 43,000/t exw Delhi/NCR.
- Century TMT offers assessed at INR 41,300/t exw Muzaffarnagar (Down by INR 700/t).
- GK TMT unchanged offers at INR 44,000/t exw Raipur.
- Mono TMT is offering at INR 43,650/t FoR Ahmedabad (Down by INR 300/t).
- Polaad TMT kept stable offers at INR 47,000/t exw Jalna.
Wire Rod and Structure
- Trade discount in Raipur wire rod rose by INR 500-700/t to INR 2,200-2,500/t despite reduced base offers by INR 500/t to INR 43,000/t exw. Also, trade reference price in Durgapur plunged by INR 1,000/t to INR 42,000/t exw.
- In heavy structural steel, trade reference price for 200 mm Angle stood at INR 44,100-44,500/t exw Raipur.
Reference prices as on 20th Jan’21
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