The Indian secondary steel market remained subdued today witnessing marginal trading activity. Steel prices declined sharply by up to INR 800/t ($11), day-on-day.
According to SteelMint assessment, semi-finished steel (sponge iron and billet) prices dropped by INR 100-700/t across markets, with a major fall of INR 700/t seen in the Raigarh market in central India.
Meanwhile, induction furnace grade rebar offers decreased by INR 100-800/t in many regions. Markets in the central and eastern regions observed a major fall in prices to the tune of INR 700-800/t, as per SteelMint reports.
Raw material
- Karnataka based BMM Ispat kept offers unchanged for raw pellets at INR 13,500/t exw Bellary.
- Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 99,200/t exw.
Semi finished
- Induction grade billet export offers hovering at $580/t exw Durgapur, equivalent to $605-610/t CPT Nepal, via road delivery.
- Neo Metaliks in Durgapur has lowered steel grade pig iron offers by INR 200/t to INR 39,600/t exw.
- Sponge P-DRI prices slightly dropped in Raipur by INR 100/t and deals reported at INR 30,500-30,800/t as against offers of INR 30,800-31,000/t exw & FoR Raipur.
- Raigarh based Singhal Steel offered billet at INR 41,900/t exw.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,600-30,700/t FoR Raipur.
- Ind Synergy offered P-DRI at INR 30,100/t & billet at INR 41,800/t exw Raigarh.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 29,200/t exw Bellary.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,000/t exw Bellary (Down by INR 200/t).
Rebar (12 mm)
- GK TMT is offering at INR 48,500/t exw Raipur (Down by INR 300/t).
- Shrishtii TMT offers reported at INR 46,300/t exw Raigarh (Down by INR 600/t).
- Metalics 550D TMT offers reported at INR 47,200/t exw Sambalpur (Down by INR 500/t).
- Rana 550 TMT is offering at INR 48,000/t exw Muzaffarnagar (Down by INR 300/t).
- CPC THERMEX TMT is offering at INR 46,200/t exw Durgapur (Down by INR 200/t).
- Mono TMT is offering at INR 49,600/t FoR Ahmedabad (Up by INR 100/t).
- Rajuri TMT is offering at INR 48,200/t exw Jalna (Down by INR 500/t).
Wire rod and structure
- Mid scale mills wire rod export offers hovering at $630/t exw Durgapur, equivalent to $655-660/t CPT Nepal, via road delivery.
- Trade reference prices for wire rod in Raipur dropped by INR 200/t to INR 45,500-45,700/t due to increase discount. Also, prices in Durgapur fell by INR 400/t to INR 45,500-45,700/t exw.
- Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 46,900/t, and maintained trade discount by INR 400-600/t. Trade reference prices of 200 mm angle are at INR 49,100-49,500/t exw.
Reference prices as on 16th June’21
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