Indian steel market has seen a supportive trend today. Sponge prices rallied by INR 550-1,200/t. Also, billet & rebar prices increased by INR 200-1,050/t across major markets.
As per trade sources of semi products, with increasing prices, trades are taking place in sufficient volumes. Also, finished steel demand slightly improved today, as per re-rollers.
Further if sources are to be believed, semis prices likely to remain strong due to shortage of sponge iron & pellets along with limited margins with furnaces. Prices of other key steel making commodities of furnaces are also increasing i.e. silicon manganese & pig iron.
Raw Material
- BMM Ispat sold around 10,000 t pellets in nearby market at INR 6,900/t exw Bellary.
- Silicon Manganese (60-14) offers in Raipur revised to INR 60,500-61,000/t against INR 59,000-59,500/t exw, last week, through the manufacturers.
Semi Finished
- Indian induction grade billet export offers increased to $393-395/t & wire rod at $445-447/t exw Durgapur. Freight cost to Nepal via road is around $25/t, CPT Raxaul border.
- Raipur based sponge manufacturers have sharply raised P-DRI offers and deals reported in the range of INR 20,300-20,500/t exw.
- Indian sponge iron export offers further up by around $10/t to $290/t CPT Benapole, equivalent to $310-315/t CFR Chittagong, Bangladesh. No fresh deals as buyers are holding back fresh bookings, Kolkata based exporters stated.
- Central India, Durg based manufacturer offered billet (160×160) at INR 30,800/t exw.
- Ind Synergy (Raigarh) offered P-DRI at INR 19,600/t & billet at INR 30,200/t exw Raigarh.
- Singhal Steel concluded deals of around 400-500 t billet at INR 30,300/t exw Raigarh.
- Jindal Steel has increased pig iron offers and concluded deals of 500 t steel grade at INR 28,000/t exw Raigarh.
- Durgapur based Neo Metaliks has increased steel grade pig iron prices by INR 500/t to INR 27,800/t exw.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 18,500-18,600/t exw Bellary & around 6,000 t deals reported in nearby region.
- BIOP Steels in Karnataka has increased sponge prices by INR 500/t, offering FeM 80 C-DRI lumps at INR 18,500/t exw.
Rebar (12 mm)
- Shrishti TMT offers reported at INR 33,600/t exw Raigarh.
- Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 32,600t exw Rourkela.
- Paras TMT is offering at INR 34,000/t exw Muzaffarnagar.
- Guardian TMT is offering at INR 33,700/t exw Mumbai.
- Sangam TMT offering at INR 34200/t exw Wardha.
- Kalika TMT offers at 34,300/t exw Jalna..
- Vinayak TMT offers at INR 35,000/t FoR Ahmedabad.
- Gujarat based German TMX brand rebars is offering at INR 40,600/t exw (Size 20 mm, incl tax). (Up by INR 500/t).
Wire Rod & Pipe
- ERW Pipe manufacturers have increased offers by INR 600/t to INR 35,400-35,500/t exw Raipur.
- Trade discount in Raipur wire rod is hovering at INR 500-700/t and base price gain by INR 900/t to INR 34,500/t exw. Also in Durgapur trade reference prices up by INR 600/t to INR 32,800-33,300/t exw.
Reference prices as on 10th Aug’20
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