Spot trading activity in the Indian secondary steel market remained supported on 12 Jul’21, while prices surged by up to INR 800/tonne (t) ($11) d-o-d.
As per SteelMint assessment, Indian semi-finished steel (sponge iron and billet) offers went up by INR 100-800/t across India, with a major hike of INR 800/t witnessed in Mumbai and Bellary.
Induction furnace grade rebar prices, too, moved up by INR 100-800/t across major markets, with markets such as Raigarh and Hyderabad witnessing a sharp hike in prices by INR 700-800/t.
Following a rally in North India, mainly the Punjab market, prices across locations surged amid renewed buying interest. In addition, a slight recovery in the global billet market turned sentiments optimistic, SteelMint notes.
Raw material
- Jharsuguda based pellet maker sold around 3,000 t raw pellets to local region at INR 14,800/t exw.
Semi finished
- Induction grade billet export offers increased by $5-10/t to $545-550/t exw Durgapur (equivalent to $575/t CPT Nepal), via road delivery.
- Sponge P-DRI prices in Raipur up by INR 100/t & trades reported at INR 29,000-29,200/t on exw & FoR basis.
- Durgapur based Neo Metaliks has raised steel grade pig iron offers by INR 500/t to INR 37,000/t exw.
- Karnataka based steel manufacturer concluded billet export deal of around 5,000 t at $600-603/t FoB India, Size – 130×130 mm, 3sp.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,400/t FoR Raipur.
- Raigarh based Singhal Steel offered P-DRI at INR 28,500/t & Billet at INR 41,000/t exw.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,500/t exw Bellary (Up by INR 500/t).
Rebar (12 mm)
- Metalics 550D TMT offers reported at INR 45,300/t exw Sambalpur.
- BS TMX offers reported at INR 44,500/t exw Raigarh.
- Century TMT is offering at INR 45,700/t exw Muzaffarnagar.
- Mono TMT is offering at INR 47,300/t FoR Ahmedabad (Up by INR 600/t).
- Kalika TMT is offering at INR 46,600/t exw Jalna (Up by INR 200/t).
Wire Rod
- Mid scale mills wire rod export offers increased by $10/t to $595-600/t exw Durgapur, equivalent to $625/t CPT Nepal, via road delivery.
- Trade reference wire rod prices in Raipur increased by INR 300/t to INR 45,300-45,500/t exw, following a surge in base prices. Also, in Durgapur prices gained by INR 500/t to INR 44,300-44,500/t exw.
- Raigarh based Singhal Steel concluded around 700 t deals of wire rod at INR 45,000/t exw.
Reference prices as on 12th Jul’21
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