Spot prices in the Indian secondary steel market have been volatile throughout the day. Trades remained limited as major buyers kept their buying on hold due to price volatility and slow demand in finished steel. The prices have declined by up to INR 600/t ($8) d-o-d.
As per the assessment, domestic sponge iron and billet prices have dropped by INR 100-600/t in many regions, whereas, a hike of INR 300/t was registered in the Southern India. Also, the rebar prices fluctuated by INR 100-600/t across major markets except the Southern India where prices moved up marginally by INR 200/t.
Since the supply is not up to the mark in the spot market & the producers have sufficient orders, the market sources are expecting price volatility to continue, especially in sponge iron & billet.
Raw Material
- Karnataka based BMM Ispat offered raw pellets at INR 11,400/t exw Bellary.
Semi Finished
- Induction grade billet export offers drop by around $10/t to $510/t exw Durgapur, equivalent to $535/t CPT Nepal.
- Raipur based sponge manufacturers have kept P-DRI offers firm at INR 25,800-26,000/t, however few deals reported at INR 25,600-25,700/t exw.
- Durgapur based Neo Metaliks has raised steel grade pig iron offer by INR 1,000/t to INR 36,000/t exw.
- Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 25,700/t exw Jajpur.
- Raigarh based manufacturer, Ind Synergy offered P-DRI at INR 25,200/t exw.
- Bhaskar Steel and Ferro Alloy Ltd offered billet at INR 36,700/t exw Badtumkela.
- Rourkela based manufacturer, Mahavir Ferro Alloys offered billet at INR 37,000/t exw.
- Hare Krishna has offered FeM 79-80 P-DRI lumps at INR 25,500/t exw Bellary. However no major deals reported from officials.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,500/t exw Bellary.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 25,300/t exw Bellary (Down by INR 100/t).
Rebar (12 mm)
- GK TMT kept offers stable at INR 44,300/t exw Raipur.
- Rathi Stelmax TMT offers reported at INR 44,150/t exw Delhi/NCR.
- Wonder gold TMT is offering at INR 42,300/t exw Muzaffarnagar.
- Mono TMT unchanged offers to INR 45,400/t FoR Ahmedabad.
- Kalika TMT offers stable at INR 45,400/t exw Jalna.
- BS TMX TMT is offering at INR 41,400/t exw Raigarh (Down by INR 600/t).
Wire Rod and Structure
- Mid scale mills wire rod export offers assessed at around $575/t exw Durgapur, equivalent to $600/t CPT Nepal.
- Trade discounts in Raipur wire rod increased to INR 1,400-1,600/t, following which trade reference price dropped by INR 400/t to INR 40,400-40,600/t exw. Also, prices in Durgapur went down by INR 300/t to INR 41,300-41,500/t exw.
- Raipur based heavy structure steel manufacturers, reduced the base price of 150 mm Channel by INR 300/t to INR 41,700/t, and given trade discount by INR 900-1,200/t, current trade reference price of 200 mm Angle is at INR 43,500-43,900/t exw.
Reference prices as on 22th Feb’21
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