Indian secondary steel market has noticed a sharp price decline today and prices have fallen by up to INR 1,200/t ($16) on a d-o-d, basis.
As per SteelMint’s assessment, Indian semi-finished steel prices (including sponge iron & billet) have dropped by INR 100-1,200/t with a major fall of INR 1,200/t seen in sponge iron at Bellary. Whereas, a hike of INR 300/t was registered in billet prices at Mumbai.
In line with this, rebar offers have also decreased by INR 200-1,100/t in all the markets, however, a sharp fall of INR 1,100/t was seen in Rourkela.
Industry participants mentioned that, the spot trades remained subdued due to the volatility in prices, as the majority of buyers opted ”wait & watch” approach.
Semi Finished
- Neo Metaliks in Durgapur has slightly lower steel grade pig iron price by INR 100-200/t to INR 38,500/t exw.
- Induction grade billet export offers stood at $570-575/t exw Durgapur, equivalent to $600/t CPT Nepal.
- Sponge P-DRI prices further drop in Raipur by INR 400/t to INR 29,000-29,200/t exw & deals reported on exw & FoR basis as against plants offer of INR 29,400-29,600/t exw.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,300/t FoR Raipur.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary (Down by INR 800/t).
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,300/t exw Bellary (Down by INR 1,200/t).
Rebar (12 mm)
- GK TMT offers stable at INR 48,500/t exw Raipur.
- Shrishtii TMT offers reported at INR 46,000/t exw Raigarh (Down by INR 300/t).
- Metalics 550D TMT offers reported at INR 47,300/t exw Sambalpur.
- Rathi Stelmax TMT is offering at INR 49,750/t exw Delhi/NCR (Down by INR 250/t).
- Swarup TMT offers reported at INR 48,300/t exw Muzaffarnagar.
- Mono TMT is offering at INR 50,300/t FoR Ahmedabad (Up by INR 200/t).
- Kalika TMT offers stable at INR 50,200/t exw Jalna.
- VRKP TMT offers reported at INR 50,100/t exw Bangalore.
- Thirumala TMT(Fe 550) offers reported at INR 53,500/t exw Chennai.
Wire Rod and Structure
- Trade discounts for wire rod in Raipur increased to INR 2,000-2,500/t, following which trade reference price fell by INR 600/t to INR 44,500-45,000/t exw. Also, prices in Durgapur fell by INR 200/t to INR 46,000/t exw.
- Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 47,000/t and given trade discounts at INR 1,200-1,400/t. Current trade reference prices of 200 mm angle are at INR 48,600-49,000/t exw.
Reference prices as on 24th May’21
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