Spot trading activity in the Indian secondary steel market improved slightly today on lower offers and prices dropped by up to INR 600/t ($8) day-on-day.
The Indian semi-finished steel (sponge iron and billet) market witnessed a fall in prices by INR 100-600/t, with a considerable drop of INR 600/t in Central & Eastern regions.
In addition, induction furnace grade rebar offers declined in the range of INR 100-600/t across locations, witnessing a sharp fall of INR 600/t in Jalna.
Sources in central India informed that amidst expectations of a rebound in prices inquiries for billet have improved. Suppliers are showing little interest to deal on prevailing offers in expectation of better realizations in the coming days.
Semi Finished
- Induction grade billet export offers stable at $590-595/t exw Durgapur, equivalent to $620/t CPT Nepal, via road delivery.
- Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 40,000/t exw.
- Sponge P-DRI prices in Raipur slightly drop by INR 100/t to INR 30,300-30,400/t exw & deals reported through the participants. While, a few plants offered at INR 30,500/t exw & FoR Raipur.
- Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 30,300/t exw.
- Jharkhand Ispat Pvt. Ltd. offered billet at INR 43,200/t and sponge iron C-DRI (60:40) at INR 32,000/t exw Ramgarh.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 29,800/t exw Bellary (Down by INR 200/t).
Rebar (12 mm)
- GK TMT offer stable at INR 49,000/t exw Raipur.
- Shrishtii TMT offers reported at INR 46,700/t exw Raigarh. (Down by INR 300/t).
- Metalics 550D TMT offers reported at INR 47,400/t exw Sambalpur (Down by INR 600/t).
- Century TMT is offering at INR 48,500/t exw Muzaffarnagar (Down by INR 400/t).
- Indo Star TMT is offering at INR 48,800/t exw Ghaziabad.
- Rathi Stelmax TMT offer stable at INR 50,250/t exw Delhi/NCR (Down by INR 300/t).
- Mono TMT is offering at INR 49,500/t FoR Ahmedabad (Down by INR 300/t).
- Kalika TMT is offering at INR 48,500/t exw Jalna (Down by INR 800/t).
Wire Rod and Structure
- Mid scale mills wire rod export offers reported at around $640/t exw Durgapur, equivalent to $665-670/t CPT Nepal.
- Trade discounts for wire rod in Raipur dropped to INR 700-800/t, following which trade reference prices up by INR 200/t to INR 45,900-46,000/t exw. However, prices in Durgapur fell by INR 200/t to INR 46,200-46,500/t exw.
- Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm channel by INR 500/t to INR 47,000/t and given trade discounts by INR 400-700/t. Trade reference prices of 200 mm angle are at INR 49,200-49,600/t exw.
Reference prices as on 9th June’21
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