The Indian secondary steel market continued to remain sluggish on 24 Jun’21, with prices falling by up to INR 500/t ($7) day-on-day.
As per SteelMint assessment, semi-finished steel (sponge iron and billet) offers fell in the range of INR 100-500/t in many regions of the country, with a significant drop of INR 300-500/t witnessed in the billet markets of Mandi Gobindgarh, Rourkela, Ahmedabad and Mumbai.
In addition, induction furnace grade rebar prices decreased by INR 100-500/t across markets in the country. Markets in south India witnessed a major fall in rebar prices to the tune of INR 500/t, as per SteelMint reports.
Trade sources are expecting that prices of secondary (mid-sized) steel mills are likely to remain under pressure as finished steel inventory piles up while demand continues to remain dull. Also, bearish trends are prevailing since rumours started floating in the market that the primary mills will most likely cut steel prices for Jul’21 deliveries.
Semi Finished
- Sponge P-DRI prices in Raipur drop by INR 100/t and deals reported at INR 30,200-300/t against offers of INR 30,400-30,500/t exw & FoR Raipur.
- Neo Metaliks in Durgapur has kept steel grade pig iron offers firm at INR 38,000/t exw.
- Induction grade billet export offers stable at $555-557/t exw Durgapur, equivalent to $585/t CPT Nepal, via road delivery.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,400/t FoR Raipur.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary (Down by INR 200).
Rebar (12 mm)
- GK TMT (Fe 500D) kept offer stable at INR 47,500/t exw Raipur.
- BS TMX offers reported at INR 44,500/t exw Raigarh.
- Metalics 550D TMT offers reported at INR 45,500/t exw Sambalpur (Down by INR 300).
- Rathi Stelmax TMT offer unchanged at INR 48,250/t exw Delhi/NCR.
- Vinayak TMT is offering at INR 48,600/t FoR Ahmedabad (Down by INR 200/t).
- Gajkesari TMT is offering at INR 47,000/t exw Jalna (Down by INR 500/t).
- A One Gold TMT offers reported at INR 51,100/t exw Bellary
Wire rod and structure
- Trade reference wire rod prices in Raipur dropped by INR 200/t to INR 44,800-45,000/t exw, due to increase in trade discounts. However, prices in Durgapur unchanged at INR 44,000-44,300/t exw.
- Mid scale mills wire rod export offers stood at $600-605/t exw Durgapur, equivalent to $630/t CPT Nepal, via road delivery.
- Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 46,200/t, and given trade discount by INR 700-900/t, trade reference price of 200 mm angle is at INR 48,300-48,700/t exw.
Reference prices as on 24th June’21
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