Spot trades in Indian secondary steel market remained subdued and prices have fluctuated today by INR 100-800/t ($11), d-o-d.
As per the assessment, sponge iron prices have moved up by INR 100-200/t in major markets, however, it fell sharply by INR 200-600/t in Southern India. Also, billet prices rose marginally by INR 100-300/t, despite having a drop of around INR 500-800/t in Jalna, Goa and Chennai market. In addition to it, the rebar market has noticed a downfall by INR 100-800/t across regions.
Market sources are assuming, semis prices are likely to remain volatile on account of low margins & subdued demand. Further, the manufacturers in central & eastern regions stated that due to higher pellet prices they won’t be able to lower sponge prices as input cost remained higher compared with the prevailing offers of sponge iron.
Raw Material
- Bellary based sponge manufacturer booked 10,000 t Rb2 coal at INR 5,700/t from Krishnapatnam port.
- Raigarh based steel manufacturer- BS sponge sold around 100 t mill scale at INR 6,300/t exw.
Semi Finished
- Visa Steels is offering steel grade pig iron at INR 31,500/t exw Jajpur. (Down by INR 500/t).
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 22,700/t exw Bellary (Down by INR 300/t).
- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 33,500/t exw Badtumkela.
- Rourkela based manufacturer, Mahavir Ferro Alloys offered billet at INR 33,500/t exw.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 22,300/t exw Bellary & around 2,500 t deals reported in nearby region.
Rebar (12 mm)
- GK TMT is offering at INR 40,700/t exw Raipur (Down by INR 500/t).
- Shrishtii TMT offers reported at INR 39,000/t exw Raigarh (Up by INR 200/t).
- A one Gold TMT offers assessed at INR 44,500/t exw Bellary.
- Diamond TMT is offering at INR 43,200/t FoR Ahmedabad.
- Rajuri TMT is offering at INR 42,500/t exw Jalna (Down by INR 500/t).
Wire Rod and Structure
- Mid scale mills wire rod export offers stood at $528-530/t exw Durgapur, equivalent to $555/t CPT Nepal.
- Trade discounts in Raipur wire rod drop by INR 200/t to INR 1,400-1,600/t, following which trade reference price up at INR 37,400-37,600/t exw. However in Durgapur price drop further by INR 200/t to INR 38,100-38,200/t exw.
- Raipur based heavy structure manufacturers, kept stable their base price at INR 39,500/t and given trade discount by INR 700-1,000/t, current trade reference price of 200 mm Angle is at INR 41,200-41,600/t exw.
Reference prices as on 2nd Feb’21
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