Indian mills continued to remain active in the export market with more deals coming to light. Deals of HRC, CRC, Billets and Wire Rods have been reported this week and a few more under discussion, even as we file this report. With daily Covid cases in India still touching record highs, it appears unlikely that state governments would be lifting their respective lockdowns anytime soon. This is likely to result in a drop in steel consumption for the month of May. SteelMint understands that mills are not sitting on high inventory levels and are not under any type of pressure.
Raw material prices have already hit a record high and it is learnt that some big iron ore mines are currently operating at only two thirds of their capacities amid rising Covid cases.
In other trades / market news
- SteelMint’s benchmark sponge iron prices fell slightly by INR 400/t to INR 32,000/t exw-Raipur on limited buying interest.
- SteelMint’s billet index remained stable at INR 44,100/t exw-Raipur in view of limited deals due to disparity between bids and offers.
- Global scrap prices continued their northward trajectory with Hyundai lifting bids for Japanese scrap by $64. China’s Shagang also raised bids by $42.
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