Indian secondary steel market has noticed a fluctuation today as prices in Southern & Western regions have gained momentum, while it has dropped in remaining locations on account of limited inquiries.
As per the daily assessment, domestic sponge iron and billet prices have fallen by INR 100-500/t in major markets, however, prices have moved up by INR 200-800/t in Southern and Western regions. Whereas rebar prices increased by INR 100-800/t in most of the locations, however a slight drop in prices of around INR 200/t was observed in Eastern India (Durgapur).
Market sources are expecting, semis prices to remain volatile on account of subdued demand, low margins & expectations of a slight drop in finished steel offers of the primary mills.
Raw Material
- Karnataka based BMM Ispat offered raw pellets at INR 10,200-10,300/t exw Bellary (up by INR 100-200/t).
Semi Finished
- Indian Induction grade billet export offers drop by $5/t to $475-478/t exw Durgapur, equivalent to $500/t CPT Nepal.
- Raipur based sponge manufacturers have offered P-DRI at INR 24,000-24,200/t exw, however deals through outside plants reported at around INR 23,700/t FoR Raipur.
- Neo Metaliks in Durgapur has kept a steel grade pig iron offer firm at INR 32,000/t exw.
- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 34,000/t exw Badtumkela.
- Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 23,500/t exw Jajpur.
- Viraj Steel & Energy Ltd offered FeM 80 P-DRI at INR 23,000/t exw Jharsuguda.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 23,500/t exw Bellary.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 23,600/t exw Bellary & around 1,500 t deals reported in nearby region.
Rebar (12 mm)
- GK TMT is offering at INR 41,800/t exw Raipur (Up by INR 600/t).
- BS TMX offers reported at INR 39,000/t exw Raigarh (Up by INR 200/t).
- Century TMT offers concluded at INR 39,500/t exw Muzaffarnagar.
- Mono TMT is offering at INR 42,700/t FoR Ahmedabad (Up by INR 300/t).
- Kalika TMT is offering at INR 43,600/t exw Jalna (Up by INR 200/t).
Wire Rod and Structure
- Mid scale mills wire rod export deals stood at to $530-535/t exw Durgapur, equivalent to $555-560/t CPT Nepal.
- Trade discounts in Raipur wire rod increased by INR 500/t to INR 1,100-1,300/t, following which trade reference price dropped to INR 38,300-38,500/t exw. Also, the price fell in Durgapur by INR 200/t to INR 38,700-38,800/t exw.
- Raipur based heavy structure steel manufacturers, kept stable their base price at INR 40,000/t, and given trade discount by INR 1,000-1,300/t, current trade reference price of 200 mm Angle is at INR 41,800-42,200/t exw.
Reference prices as on 11th Feb’21
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