Indian semi-finished steel market observed positive sentiments as prices have increased upto INR 400/t ($6). While the finished long steel market remained volatile & prices fluctuated by INR 100-700/t today.
As per the assessment, sponge iron and billet prices have increased by INR 100-400/t in major locations. Whereas rebar prices also rose by upto INR 500/t across India except in the southern India where it fell by INR 100-200/t with a major fall of INR 700/t in Bangalore.
Trade sources who majorly deal with sponge iron mentioned that the prices have already hit breakeven level, hence chances of further downside is limited and if it happens, the plants may start to curtail production in order to maintain demand-supply.
Raw Material
- Karnataka based BMM Ispat offered raw pellets at INR 10,100/t exw Bellary (Down by INR 100/t).
Semi Finished
- Raipur based sponge P-DRI manufacturers have raised offers by INR 300/t to INR 22,800-23,000/t exw & sufficient deals reported.
- Neo Metaliks has reduced steel grade pig iron offer by INR 200/t to INR 31,000/t exw.
- Induction grade billet export offers recovered by $5/t to $460/t exw Durgapur, equivalent to $485/t CPT Nepal, via road delivery.
- Visa Steels concluded deals of around 1,000 t steel grade pig iron in local region at INR 30,500/t exw Jajpur
- Jsw Ispat Special Products Limited offered sponge DR-CLO grade at INR 24,600/t exw Raipur.
- Ind Synergy (Raigarh) offered P-DRI at INR 22,000/t & billet at INR 32,600/t exw.
- Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 33,500/t exw Badtumkela. (Up by INR 300/t).
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 21,800/t exw Bellary (Down by INR 200/t).
- BMM Ispat offered FeM 80 P-DRI lumps at INR 21,600/t exw Bellary & around 2,500 t deals reported in nearby region.
Rebar (12 mm)
- Shrishtii TMT offers reported at INR 38,100/t exw Raigarh (Up by INR 100/t).
- GK TMT kept offer stable at INR 40,000/t exw Raipur.
- Mono TMT is offering at INR 41,950/t FoR Ahmedabad (Up by INR 100/t)
- Kalika TMT is offering at INR 42,200/t exw Jalna (Up by INR 400/t)
Wire Rod and Structure
- Trade discounts in Raipur wire rod drop by INR 1,500-1,700/t, following which trade reference price up by INR 300/t to INR 36,300-500/t. Also, prices in Durgapur rose by INR 200/t to INR 37,000/t exw.
- Mid scale mills wire rod export offers stable at $510/t exw Durgapur, equivalent to $535/t CPT Nepal.
- Raipur based heavy structure manufacturers, reduces their base price by INR 500/t to INR 38,000/t and given trade discount by INR 600-1,000/t, current trade reference price of 200 mm Angle is stood at INR 39,900-40,300/t exw.
Reference prices as on 5th Feb’21
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