Spot trading activity in the Indian secondary steel market continued on a low key on 21 Jun’21, with prices dropping by up to INR 600/t ($9) day-on-day.
As per SteelMint assessment, domestic sponge iron offers fluctuated in the INR 100-500/t range in many regions, with an uptrend of INR 100-300/t witnessed in markets in the country’s central region; however, prices plunged INR 500/t in south India. Steel billet prices dropped by INR 100-600/t across major markets in the country.
Induction furnace grade rebar prices decreased by INR 100-500/t across locations: the northern and central markets recorded major decline in prices to the tune of INR 500/t, as per SteelMint reports.
Semi finished
- Induction grade billet export offers drop to $560-563/t exw Durgapur, equivalent to $590/t CPT Nepal, via road delivery.
- Indian sponge iron export offers drop to around $465/t CPT Benapole, equivalent to $490/t CFR Chittagong, Bangladesh.
- Sponge P-DRI prices slightly drop in Raipur and deals reported at around INR 30,700/t against offers of INR 30,800-31,000/t exw & FoR Raipur.
- Neo Metaliks in Durgapur has reduced steel grade pig iron price by INR 300/t to INR 38,700/t exw.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,800/t FoR Raipur.
- Jindal Steel is offered steel grade pig iron at INR 39,000/t exw Raigarh.
- Raigarh based Singhal Steel offered P-DRI at INR 30,000/t & Billet at INR 41,700-41,800/t exw.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 29,000/t exw Bellary. However no deals reported from officials.
Rebar (12 mm)
- GK TMT offer stable at INR 48,500/t exw Raipur.
- Metalics 550D TMT offers reported at INR 46,500/t exw Sambalpur.
- Rathi Stelmax TMT offer reported at INR 49,250/t exw Delhi/NCR.
- Century TMT is offering at INR 46,700/t exw Muzaffarnagar.
- Mono TMT offer stable at INR 48,600/t FoR Ahmedabad.
- Polaad TMT is offering at INR 47,500/t exw Jalna (Down by INR 500/t).
- ARS TMT(Fe 550 D) offer reported at INR 53,800/t exw Chennai.
Wire rod and structure
- Mid scale mills wire rod export offers reported at $610-615/t exw Durgapur, equivalent to $640/t CPT Nepal, via road delivery.
- Trade reference wire rod prices in Raipur fell by INR 100/t to INR 45,500-45,800/t exw, on account increase in discount. However, prices in Durgapur down by INR 200/t to INR 45,000-45,200/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 400-700/t. Trade reference prices of 200 mm angle are at INR 49,000-49,400/t exw.
Reference prices as on 21st June’21
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