Iron ore & pellets –
- Indian pellet export index moved up sharply by $8.5/t to $204.5 FoB east coast even as iron ore prices soared to a ten-year high.
- BHP Group’s iron ore production for Q1 CY ’21 from Western Australia operations was recorded at 66.7 mn t. The output dropped by a marginal 2% against Q1 CY ’20 which was at 68 mn t. Figures mentioned are on 100% basis. Lower volumes at WAIO were basically due to weather impacts and planned maintenance of Ore Handling Plant and stacker at Newman.
Coal
- India delivered metallurgical coke prices have gained modestly over the past week despite limited spot trading and relatively tight availability, largely due to support from rising steel prices. Assessment for the 64% CSR grade blast furnace met coke is currently at $410/t CNF India, up by $4/t w-o-w.
Scrap & Metallics –
- SteelMint’s weekly benchmark sponge iron (80 FeM, 100% lumps) export price assessment remained stable as nearly 10,000 t deals were reported at $430-435/t CPT Benapole, equivalent to $445/t CFR Chittagong, Bangladesh.
- PSU steel major SAIL held an auction from its Bhilai Steel Plant (BSP) for 10,650 t pig iron on 21 Apr ’21. The entire quantity was booked at a weighted average price of INR 39,300/t exw, recording a rise of INR 3,200/t as compared to the previous similar auction held by BSP.
- SteelMint’s domestic steel scrap index moved up slightly to INR 36,600/t DAP Mandi Gobindgarh. Marginal improvement in bids and buying inquiries led to slightly more optimistic market sentiment. However, bids and offers continued to vary by INR 600-800/t.
- SteelMint’s benchmark sponge iron (P-DRI) prices fell slightly by INR 100/t to INR 29,400/t ($390), exw Raipur, Central India. Prices continued falling due to limited demand from the furnaces along with competitive offers from outside plants.
- Bulk imported scrap trades in Bangladesh remained absent even as finished steel trades slowed down due to lockdown restrictions. No firm deals for Shredded scrap were heard however SteelMint’s assessment stands at $480/t CFR Chittagong.
Semi-finished steel
- SteelMint’s daily billet index has been assessed at INR 41,300/t (+400) exw Raipur on 21st Apr’21, 18:00 IST on improved trades.
- Indian mills continued to remain active in the billet export market for yet another week. According to SteelMint sources, an Indian state-owned mill sold 30,000 t billets through a tender at $591-593/t, FoB. The shipment is scheduled for mid-June ’21, with China as the likely destination.
Finished steel
- Major private steelmaker based in Western India has recently been reported to have booked around 30,000 t HRC t to UAE at $985-990/t CFR basis for Jun shipments, SteelMint learned from its authentic trade channels.
- India’s largest two-wheeler manufacturer-Hero MotoCorp, has proactively halted operations temporarily at all of its manufacturing facilities across the country as a precautionary measure, in view of the selective lockdowns in several states.
- China’s Shagang Steel rolled over long steel price for end-Apr sales.
Ferro Alloys
- Indian ferrochrome scenario is currently facing adverse market conditions as the spot overseas demand is very low and the domestic buyers are pushing for lower prices. Currently, ferrochrome prices are assessed at INR 89,000/t for Ex-Jajpur.
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