Iron ore & pellets –
- India’s largest merchant and govt-owned iron ore miner, NMDC announced a second price hike for Apr’21, SteelMint learned from credible sources. The price of DR CLO (Fe 67%) has been increased by INR 1,280/t, Baila lump by INR 1,100/t and that of fines by INR 500/t.
- SteelMint’s weekly pellet export index (FOB east coast India) for Fe 64% grade moved up by $6/t w-o-w to $196/t in recent deals. Four confirmed pellet export deals with a total quantity of 200,000 t were recorded by SteelMint in this publishing window.
- Odisha’s Serajuddin mine hiked iron ore fines offer by INR 500/t. The current offer price for Fe 63% fines was heard at around INR 6,700/t ex-mines (including Royalty, DMF & NMET).
Coal –
- As buyers moved to sidelines amid fear of lockdown and restrictions due to surging COVID cases, RB2 (5500 NAR) offers at Gangavaram port fell by INR 100/t d-o-d and were heard at INR 6,500/t.
Scrap & Metallics-
- Indian sponge iron export prices plunged by about $10/t in recent deals to Bangladesh following a drop in domestic prices in Eastern India by INR 500-700/t ($7-10) w-o-w. The fresh deals for 5,000 t C-DRI lumps were reported at around $425/t CPT Benapole, equivalent to $440/t CFR Chittagong, Bangladesh.
- With the start of Ramadan month, the imported scrap market in Bangladesh has slowed down. However, offers moved up following a global scrap price hike. Price indications for containerised UK/EU origin shredded were being cited at $480-485/t CFR Chittagong levels, moving up significantly by $10-15/t w-o-w.
- SteelMint’s domestic steel scrap index decreased slightly to INR 37,000/t DAP Mandi Gobindgarh. Slight correction in semi-finished steel and limited transactions have compelled buyers to place their bids accordingly.
- Japan’s leading EAF mill – Tokyo Steel announced a hike in scrap purchase price for all five works by up to JPY 1,500/t ($14). This is the company’s second price hike announcement this week.
Semi-finished steel –
- SteelMint’s daily billet index has been assessed at INR 40,900/t (+200) exw Raipur on 14th Apr’21, 18:00 IST. Increased enquiries amid surge in sponge iron prices was the reason behind the rise in prices.
Finished steel –
- Mini steel plants in Chhattisgarh are planning to slash production as margins shrink.
- Russia’s MMK expects steel sales in Q2 to grow further on the back of favourable conditions in global markets coupled with seasonal growth in demand in Russia.
Ferro alloys –
- Indian ferrochrome prices plunged as Chinese demand dissipated. Currently, ferrochrome grade 60% Cr is assessed at INR 90,000/t Ex-Jajpur, while few deals were concluded at slightly lower levels as well.
- Despite the surge in prices, Indian chrome ore dispatches increased by 43% m-o-m in Mar ’21. Few ferrochrome producers refrained from lifting chrome ore from OMC as they found the prices excessive and were not sure if ferrochrome prices would be able to sustain at these levels.
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