Spot trades in the Indian secondary steel market remained dull today due to lockdown restrictions imposed nationwide and prices have declined by up to INR 700/t ($9) d-o-d basis.
Sources reported, buyers remain cautious due to lockdown restrictions & booking as per necessity. However, looking at raw material prices, they are expecting optimistic trends in the coming days.
According to the assessment, domestic billet offers have dropped by INR 100-700/t in major markets. Meanwhile, sponge iron prices have also decreased by INR 100-200/t except Southern regions (including Hyderabad & Bellary) where trades noticed on a slight increase in prices by INR 100-200/t.
In context to finished steel, the rebar prices have seen a downfall of INR 200-300/t, whereas, a slight hike of INR 100-300/t was observed in Northen & Western parts of India.
Raw Material
- Jsw Ispat Special Products Limited concluded few deals of 60-14 silico manganese at INR 86,500/t exw Raipur- Officials.
Semi Finished
- Induction grade billet export offers reported at around $590/t exw Durgapur, equivalent to $615-620/t CPT Nepal, however no major fresh deals, as per exporters in Eastern India.
- Neo Metaliks in Durgapur is offering steel grade pig iron at INR 38,300/t exw.
- Raipur based sponge P-DRI manufacturers have reduced offers by INR 200/t to 29,200-29,400/t exw, however deals reported at around INR 29,200/t on exw & FoR Raipur basis.
- Jharsuguda, Odisha based sponge supplier sold around 700 t FeM 80 P-DRI at around INR 28,600/t exw.
- Visa Steels concluded deals of around 600 t steel grade pig iron at INR 39,400/t FoR Raipur.
- Hare Krishna concluded few deals of FeM 79-80 C-DRI lumps in local region at INR 29,500/t exw Bellary.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700/t exw Bellary
Rebar (12 mm)
- GK TMT kept offers stable at INR 49,300/t exw Raipur.
- Metalics 550D TMT offers reported at INR 48,700/t exw Sambalpur (Down by INR 300/t).
- Shrishtii TMT offers reported at INR 46,700/t exw Raigarh (Down by INR 100/t).
- Swarup TMT is offering at 49,100/t exw Muzaffarnagar.
- Mono TMT is offering at INR 50,500/t FoR Ahmedabad (Up by INR 500/t).
- Polaad TMT offers unchanged at INR 50,400/t exw Jalna.
Wire Rod and Structure
- Mid scale mills wire rod export offers hovering at $650/t exw Durgapur, equivalent to $675-680/t CPT Nepal.
- Trade discounts in Raipur wire rod increased to INR 1,600-1,800/t & trade reference price stood at INR 46,000-46,200/t exw Raipur & INR 48,300-48,500/t exw Durgapur.
- Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel by INR 48,000/t, and maintained trade discount at INR 1,300-1,600/t, current trade reference price of 200 mm angle is at INR 49,400-49,800/t exw.
Reference prices as on 5th May’21
Leave a Reply