Spot trading activity in the Indian secondary steel market remained supported with rising prices, which increased by up to INR 700/t ($10), day-on-day. However, billet manufacturers in the eastern region (Durgapur) opened syndicate rates today to improve their conversion spreads (margins).
As per SteelMint assessment, semi-finished steel (sponge iron and billet) offers recorded an uptick by INR 100-700/t across markets, witnessing a major hike of INR 500-700/t in Raigarh and Hyderabad.
Meanwhile, induction furnace grade rebar prices rose by INR 100-500/t in many regions even as markets in the southern region (Bangalore) witnessed a marginal fall of INR 200/t.
Raw material
- Karnataka based BMM Ispat sold around 6,000 t pellets in nearby market at INR 13,500/t exw Bellary.
Semi finished
- Neo Metaliks in Durgapur has maintained steel grade pig iron price firm at INR 40,000/t exw.
- Sponge P-DRI prices in Raipur increased by INR 200/t to INR 31,000/t exw & FoR basis, while offers were ranging at INR 31,300-31,500/t exw.
- Mahavir Ferro Alloys sold around 1,200 t sponge iron (mix material) at INR 31,500-31,700/t exw Rourkela.
- Aloke Steel Industries (Jharkhand) offered Fem 79 P-DRI lumps at INR 30,500/t exw.
- Jindal Steel kept offers unchanged for steel grade pig iron at INR 39,500/t exw Raigarh.
- Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 42,700/t exw Badtumkela.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 29,400/t exw Bellary (Up by INR 200/t).
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,000/t exw Bellary (Up by INR 200/t).
Rebar (12 mm)
- GK TMT offer stable at INR 49,000/t exw Raipur.
- Shrishtii TMT offers reported at INR 47,600/t exw Raigarh. (Up by INR 600/t).
- Chaliama based Rungta TMT offers reported at INR 47,700/t exw.
- Rathi Stelmax TMT stable at INR 50,500/t exw Delhi/NCR.
- Swarup TMT offers reported at INR 49,000/t exw Muzaffarnagar.
- ICON TMT offers unchanged at 47,200/t exw Durgapur.
- Mono TMT is offering at INR 49,800/t FoR Ahmedabad (Up by INR 200/t).
- Polaad TMT is offering at INR 48,700/t exw Jalna (Up by INR 200/t).
Wire rod and structure
- Mid scale mills wire rod export offers reported at $650-655/t exw Durgapur, equivalent to $680/t CPT Nepal.
- Trade discounts for wire rod in Raipur stands at INR 300-500/t & base offers up by INR 300/t to INR 47,000/t exw. Also, prices in Durgapur increased by INR 300/t to INR 46,800-46,900/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 by INR 300-500/t. Trade reference prices of 200 mm angle are at INR 49,300-49,700/t exw.
Reference prices as on 11th June’21
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