Indian secondary steel market sentiments remained dull due to average spot trades, however, prices have lent some support later on in the northern region (Mandi Gobindgarh). Meanwhile, prices in remaining locations have declined further up to INR 1,200/t ($16), d-o-d.
According to the assessment, sponge iron and billet prices have fallen by INR 200-1,100/t across many locations with a major downfall of around INR 1,100-1,200/t in billet was observed in western and southern India (Goa, Jalna & Chennai), however, prices rose by INR 100-300/t in Ahmedabad and Mandi Gobindgarh. Also, rebar prices have dropped by INR 100-500/t, whereas, prices sharply fell by INR 900-1,200/t in Delhi, Raipur, Raigarh and Mumbai.
SteelMint in conversation with participants in central India, learned that inquiries were slightly better today in semis products and sufficient transactions were reported, hence suppliers are optimistic about future price directions.
Raw Material
- Jsw Ispat Special Products Limited sold around 100 t Silico Manganese (60-14) at INR 67,500/t exw, Raipur- Officials.
Semi Finished
- Raipur based sponge P-DRI manufacturers have maintained offers firm at INR 24,000/t exw, however trades reported at INR 23,800-24,000/t on exw & FoR basis.
- Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 300/t to INR 34,200/t exw, however demand remains weak, as per officials.
- Visa Steels is offering steel grade pig iron at INR 33,500/t exw Jajpur. (Down by INR 500/t).
- Odisha based manufacturer, Ganesh sponge offered FeM 80 C-DRI at INR 24,400/t FoR Raigarh.
- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 35,200/t exw Badtumkela.
- Wada (Maharashtra) based mills sourcing FeM 80 C-DRI lumps from Bellary at around INR 24,800/t on FoR basis.
- Raigarh based Singhal Steel offered billet at INR 34,800-34,900/t exw (Down by INR 500/t).
- Hare Krishna has offered FeM 79-80 C-DRI lumps at INR 23,200/t exw Bellary.
- BMM Ispat decreased offers by INR 400/t for FeM 80 P-DRI lumps to INR 23,200/t exw Bellary.
Rebar (12 mm)
- BS TMX TMT offers reported at INR 39,000/t exw Raigarh (Down by INR 1,000/t).
- Swarup TMT is offering at INR 40,000/t exw Muzaffarnagar (Down by INR 500/t).
- Mono TMT is offers assessed at INR 45,850/t FoR Ahmedabad (Down by INR 300/t).
- Gajkesari TMT offers reported at INR 45,000/t exw Jalna.
Wire Rod and Structure
- Trade discount in Raipur wire rod drop by INR 500/t to INR 900-1,100/t, also base offers down by INR 500/t to INR 40,500/t exw. In addition, trade reference prices in Durgapur plunged to INR 40,000-40,300/t exw.
- Raipur based heavy structure manufacturers, reported their base price at INR 41,000/t, and maintained trade discount by INR 900-1,200/t, current trade reference price of 200 mm Angle is at INR 42,800-43,200/t exw.
Reference prices as on 22nd Jan’21
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