Spot steel prices in the secondary market dropped further by up to INR 1,500/t ($21), d-o-d, however trades have improved in the central & eastern regions specifically in billets.
SteelMint confirmed a total of around 6,400 t in today’s billet index in Raipur. Whereas export demand improves from eastern region as over 2,000 t billet bookings have been confirmed by Durgapur based plants for Nepal.
In context to daily price assessment, sponge iron and billet markets have seen a downfall in prices by INR 100-600/t in many regions having a sharp decline in billet prices by around INR 1,500/t at Hyderabad. Also, rebar price dropped by INR 100-800/t with a major fall noticed in central and western region by INR 1,000/t.
Raw Material
- Karnataka based BMM Ispat offered raw pellets at INR 10,200/t exw Bellary (Down by INR 200/t).
Semi Finished
- Induction grade billet export offers declined to approx $455/t exw Durgapur, equivalent to $480/t CPT Nepal, via road delivery. As per participants, few parcels sold today.
- Raipur based sponge P-DRI manufacturers have reduced offers to around INR 22,700/t exw, however offers through the outside plants floated at around INR 22,600-22,700/t on FoR Raipur basis.
- Neo Metaliks has further reduced steel grade pig iron offers by INR 300/t to INR 31,200/t exw.
- Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 31,000/t exw Jajpur.
- Jsw Ispat Special Products Limited offered sponge DR-CLO grade at INR 24,800-24,900/t exw Raipur.
- Raigarh based Singhal Steel offered billet at INR 32,200/t exw (Down by INR 500/t).
- BMM Ispat offered FeM 80 P-DRI lumps at INR 21,600/t exw Bellary (Down by INR 400/t).
Rebar (12 mm)
- Shrishtii TMT offers reported at INR 38,000/t exw Raigarh (Down by INR 600/t).
- Wonder gold TMT is offering at INR 37,200/t exw Muzaffarnagar (Down by INR 400/t).
- Vinayak TMT offers assessed at INR 41,400/t FoR Ahmedabad.
- Kalika TMT is offering at INR 41,800/t exw Jalna (Down by INR 500/t).
Wire Rod and Structure
- Mid scale mills wire rod export offers fall further to around $510/t exw Durgapur, equivalent to $535/t CPT Nepal.
- Trade discounts in Raipur wire rod drop by INR 200/t to INR 1,800-2,000/t and base offers declined by INR 1,000/t to INR 38,000/t exw. Also, in Durgapur price fell by INR 1,200/t to INR 36,800-37,000/t exw.
- Raipur based heavy structure manufacturers, reduces their base price by INR 1,000/t to INR 38,500/t and given trade discount by INR 900-1,200/t, current trade reference price of 200 mm Angle is at INR 40,400-40,800/t exw.
Reference prices as on 4th Feb’21
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