Key market highlights you need to know to start your day

Iron ore & pellets:

• SteelMint’s bi-weekly domestic pellet index “PELLEX ” has decreased by INR 50/t to INR 13,550/t DAP Raipur today. No deals have been reported in this publishing window. Owing to a 10-day lockdown imposed in the Raipur market from 9th Apr evening, trading activities have been subdued since last two days.

Coal:

• RB2 portside coal prices were under pressure even as threat of second Covid wave loomed large. RB2 prices (ex-Gangavaram) averaged INR 6,800/t (inclusive of cess and GST) this week.

Scrap & Metallics:

• SteelMint’s domestic steel scrap index declined by INR 600/t amid falling semis offers.
• India’s imported scrap market has witnessed limited trades on increased lockdown restrictions. UAE origin HMS1 is now being offered at $440-445/t CFR Nhava Sheva basis.
• A total of 20,000 t of Japanese H2 scrap was awarded at an average price of JPY 43,380/t ($397) FAS in Kanto Tetsugen monthly ferrous scrap export tender that was concluded for Apr’21.
• Sponge iron (P-DRI) prices plunged by INR 700/t to INR 29,000/t ($388), exw Raipur, Central India, as per SteelMint daily assessment. Majority of Raipur based plants were seen holding offers due to unclear market trends.
• SAIL’s Bokaro pig iron auction failed to fetch any bid.
• Vizag Steel floated a 30,000 t pig iron export tender. The due date for this is 16 Apr ’21 and the shipment is scheduled to be delivered by May-end.

Semi-finished steel:

• SteelMint billet index fell further by INR 800/t. Industry sources stated that amidst limited demand, the suppliers are in a hurry to sell the material. This has led to a significant drop in prices.
• The billet prices in the China’s Tangshan market dropped by RMB 20 ($3) even as the rebar futures fell.

Finished steel:

• China’s Baosteel raised HRC list price by $61/t for May ’21 delivery.
• China’s automobile sales in Mar ’21 stood at 2.53 mn units, up by 75% y-o-y and 74% m-o-m.

Ferro Alloys:

• Chinese Ferrochrome prices fell as market lacked confidence. After the price decline, the mainstream offer currently is around RMB 8,150-8,300/t ($1,243-1,266/t), as some traders and plants are actively seeking sales to liquidate stocks.