Spot trade activity in the Indian secondary steel market slowed down today, on 7 Jul’21, with prices dropping further by INR 300/tonne (t) ($4/t), d-o-d.
As per SteelMint’s assessment, Indian semi-finished steel (billets and sponge iron) offers dropped by INR 100-300/t in many locations. However, a slight uptick of INR 100-400/t was seen in markets in the western and southern regions.
In addition, induction furnace-grade rebar prices declined by INR 100-200/t in most of the regions, while offers were marginally up by INR 100-200/t in Mandi Gobindgarh (Punjab), Jalna and Mumbai (Maharashtra).
Sources informed that, seasonally dull demand may further put pressure on prices. However, low margins (conversion) remain a major concern for manufactures, which is refraining them from making any price corrections.
Semi finished
- Sponge P-DRI prices in Raipur stable & trades reported at INR 28,800-28,900/t on exw & FoR basis.
- Induction grade billet export offers slightly fall to $535-540/t exw Durgapur (equivalent to $565/t CPT Nepal), via road delivery.
- Durgapur based Neo Metaliks has reduced steel grade pig iron offers by INR 100-200/t to INR 36,500/t exw & deals reported by officials.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,900/t FoR Raipur.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 27,000-27,100/t exw Bellary & around 2,000 t deals reported in nearby region.
- Karnataka based steel manufacturer concluded billet export deal of around 2,000 t at $625/t CIF for Dubai, Size – 130×130 mm, 5sp.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,000/t exw Bellary.
Rebar (12 mm)
- GK TMT(Fe 500D) offers stable at INR 46,000/t exw Raipur.
- Shrishtii TMT offers reported at INR 43,700/t exw Raigarh (Down by INR 100/t).
- Rathi Stelmax TMT offers unchanded at INR 47,000/t exw Delhi/NCR.
- Century TMT offers reported at INR 45,000/t exw Muzaffarnagar (Down by INR 200/t).
- Mono TMT is offering at INR 46,600/t FoR Ahmedabad (Down by INR 200/t).
- Gajkesari TMT offers unaltered at INR 45,700/t exw Jalna.
Wire rod and structure
- Mid scale mills wire rod export offers stable at around $590/t exw Durgapur, equivalent to $615-620/t CPT Nepal, via road delivery.
- Trade reference wire rod prices in Raipur fell by INR 100/t to INR 44,600-44,900/t exw. However, in Durgapur prices were firm at INR 43,500-43,700/t exw.
- Heavy structural steel, base price of 150 mm channel stable at INR 45,000/t in Raipur with firm trade discount at INR 800-1,000/t. Trade reference price of 200 mm angle is at INR 46,900-47,100/t exw.
Reference prices as on 7th Jul’21
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