Iron ore & pellets
- SteelMint’s bi-weekly domestic pellet index “PELLEX ” decreased by INR 150/t to INR 14,550/t DAP Raipur in recent deals. Around 20,000 t pellet deals have been reported in this publishing window from outside Raipur at INR 14,200/t DAP, Raipur.
- Brazilian miner- Vale’s total iron ore fines production in Q1 CY’21 was recorded at 68 mn t, up 14% as against 59.6 mn t in Q1 CY ’20. The y-o-y growth is attributable to the gradual resumption of halted operations in Timbopeba, Fabrica and Vargem Grande complexes throughout CY ’20, stronger performance in Serra Norte, lower rainfall in January and the restart of Serra Leste operations.
- World’s leading iron ore miner, Rio Tinto recorded iron ore shipments at 77.8 mn t for Q1 CY ’21, up by 7% y-o-y as compared to 72.9 mn t in Q1 CY ’20. This is due to strong operating performance and availability of sufficient inventory in the quarter.
Coal
- South African RB2 (5500 NAR) coal prices averaged at INR 6,730/t ex-Gangavaram yesterday as traders opted to clear stockpiles at the port. With regional lockdown imposed in some parts of the country, demand remained under pressure.
Scrap & metallics
- SteelMint’s benchmark sponge iron (P-DRI) prices dropped further by INR 500/t to INR 29,500/t ($393), exw Raipur, Central India. Prices have been falling continuously due to poor demand and availability of competitive offers from outside plants.
- In Vizag Steel’s pooled iron auction held on 19 Apr’21, the entire material (1,000 t) was booked at INR 36,500/t exw, similar levels witnessed during the last auction conducted by the steelmaker for the same quantity on 10 Apr ’21.
- SteelMint’s domestic steel scrap index dropped to INR 36,500/t DAP Mandi Gobindgarh. Bearish market sentiments and lack of buying inquiries resulted in considerable variations in offers and bids by around INR 1,000/t.
- Imported scrap prices in Pakistan fell in the backdrop of recent trades, although sharp correction seems unlikely. SteelMint’s assessment for UK/EU origin containerised shredded stands at $459/t CFR Qasim levels, down further by $5 against last week’s opening.
- Imported scrap prices in Turkey decreased by $10/t in recent deals concluded towards the end of last week, credible sources have confirmed to SteelMint.
- Japan’s leading EAF mill – Tokyo Steel announced a hike in scrap purchase price for three works by up to JPY 1,000/t ($9). Domestic prices in Japan have been increasing ahead of the approaching Golden week holidays and higher export offers.
Semi-finished steel
- SteelMint’s daily billet index has been assessed at INR 40,900/t (-1,000) exw Raipur on 20th Apr ’21, 18:00 IST. The billet prices have fallen as demand from rolling mills continued to remain poor. This was basically on account of poor off take of finished products owing to lockdown restrictions across regions.
Finished steel
- SteelMint’s Indian HRC (SAE 1006) export index stands at $936/t FoB East-coast basis, up by $9/t w-o-w. Indian steelmakers continue to keep HRC export offers higher following an uptrend in domestic steel prices and global cues.
- Hulas Steel, which is the first galvanized, color coated, and galvalume sheet producer based in Nepal has commenced operations since Jan ’21. It has an installed capacity of 0.15 mn t.
Ferro alloys
- Indian silicomanganese prices corrected amidst muted demand from mild Steel industries on rising Covid cases in the country. Silicomanganese 60/14 is currently assessed at INR 88,000/t Ex-Raipur and INR 88,000-89,000/t Ex-Durgapur.
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