Dull sentiments prevailed in the Indian secondary steel market today, although later in the day the market showed signs of slight recovery. However, prices dropped by up to INR 800/t ($11), day-on-day.
As per SteelMint assessment, semi-finished steel (sponge iron and billet) prices recorded a fall of INR 100-500/t in many regions. However, a significant hike in the range of INR 100-400/t was observed in the northern and eastern regions.
Induction furnace grade rebar offers decreased by INR 100-800/t in major markets, witnessing a sharp decline of INR 800/t in Odisha’s Rourkela.
Semi finished
- Induction grade billet export offers slightly rise to around $556-558/t exw Durgapur, equivalent to $585/t CPT Nepal, via road delivery.
- Neo Metaliks in Durgapur has reduced steel grade pig iron price by INR 500/t to INR 38,000/t exw.
- Sponge P-DRI prices in Raipur drop by INR 100/t and deals reported at INR 30,300-400/t against offers of INR 30,500-30,600/t exw & FoR Raipur.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,400/t FoR Raipur.
- Jsw Ispat Special Products Limited concluded deals of 800 t P-DRI at INR 30,300/t exw Raipur.
- Jindal Steel is offering steel grade pig iron at INR 39,000/t exw Raigarh. However no deals reported from officials.
- Raigarh based Singhal Steel offered Billet at INR 41,200/t exw.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700/t exw Bellary.
Rebar (12 mm)
- GK TMT(Fe 500D) is offering at INR 47,500/t exw Raipur (Down by INR 500/t).
- Shrishtii TMT offers reported at INR 45,000/t exw Raigarh.
- Odisha based Subhlabh TMT offers reported at INR 44,900/t exw Rourkela.
- Metalics 550D TMT offers reported at INR 45,800/t exw Sambalpur
- Swarup TMT is offering at INR 46,500/t exw Muzaffarnaar (Down by INT 300/t).
- CPC THERMEX TMT offers reported at INR 44,700/t exw Durgapur.
- Mono TMT is offering at INR 48,100/t FoR Ahmedabad (Down by INR 300/t).
- Gajkesari TMT kept offers stable at INR 47,500/t exw Jalna.
Wire rod and structure
- Mid scale mills wire rod export offers drop to $600-605/t exw Durgapur, equivalent to $630/t CPT Nepal, via road delivery.
- Trade reference prices for wire rod in Raipur stable at INR 45,000-45,200/t exw. However, prices in Durgapur fell by INR 300/t to INR 44,000-44,300/t exw.
- Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm channel by INR 300/t to INR 46,200/t and maintained trade discounts by INR 500-800/t. Trade reference prices of 200 mm angle is at INR 48,400-48,800/t exw.
Reference prices as on 23rd June’21
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