Spot trades in the Indian secondary steel market were dull during the first half today, however later, trades picked up and as per daily assessment, prices have declined up to INR 700/t ($10), d-o-d.
SteelMint’s daily assessment shows a drop in sponge iron and billet prices by INR 100-700/t in all the markets. In line with it, the rebar market has also observed a downfall in prices by around INR 100-600/t across India.
Sources are expecting a rebound in prices as raw material prices have remained supported on the back of global price support. Also margins (conversion spread) are less than the required through the standalone EA or Induction furnaces. In addition to it, sponge iron supply remains tight, especially in the Central region which may not results in sharp decline in prices in the near term.
Raw Material
- Karnataka based BMM Ispat offered raw pellets at INR 11,600/t exw Bellary.
- Jsw Ispat Special Products Limited concluded few deals of 60-14 silico manganese at INR 74,250/t exw Raipur- Officials.
Semi Finished
- Induction grade billet export offers remain stable at around $520/t exw Durgapur, equivalent to $545/t CPT Nepal.
- Raipur based sponge P-DRI manufacturers have reduced offers by INR 300/t to INR 27,000-27,200/t exw & sufficient deals reported. Also, suppliers from outside sold at INR 27,000-27,200/t FoR Raipur.
- Durgapur based Neo Metaliks has slightly reduced steel grade pig iron offer by INR 100/t to INR 35,500/t exw.
- Bhaskar Steel and Ferro Alloy Ltd offered billet at INR 37,500/t exw Badtumkela.
- Jharsuguda, Odisha based sponge supplier sold around 1,000 t FeM 80 P-DRI at around INR 27,300/t FoR Raipur.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 26,100/t exw Bellary (Down by INR 200/t).
Rebar (12 mm)
- GK TMT is offering at INR 45,200/t exw Raipur (Down by INR 300/t).
- Shrishtii TMT offers reported at INR 42,300/t exw Raigarh.
- Century TMT is offering at INR 42,800/t exw Muzaffarnagar.
- Vinayak TMT offers reported at INR 46,800/t FoR Ahmedabad.
- Kalika TMT is offering at INR 47,400/t exw Jalna (Down by INR 100/t).
- Bajrangbali Re-rollers is offering rebar at INR 42,300/t exw Rourkela.
Wire Rod and Structure
- Mid scale mills wire rod export offers drop to $575-580/t exw Durgapur, equivalent to $600-605/t CPT Nepal.
- Trade discounts in Raipur wire rod dropped to INR 1,200-1,400/t, In addition, base offers plunged by INR 500/t to INR 43,000/t exw. Also, prices in Durgapur fell by INR 500/t to INR 41,500-41,800/t exw Durgapur.
- Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm Channel by INR 300/t to INR 42,900/t, and given trade discount by INR 900-1,200/t, current trade reference price of 200 mm Angle is at INR 44,600-45,000/t exw.
Reference prices as on 4th Mar’21
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