The Indian secondary steel market reported a price decline in all the commodities today. Sponge iron prices have seen a drop of around INR 100-300/t, whereas billet prices decreased by INR 50-400/t in most of the regions.
Also, rebar prices have marked a fall of about INR 100-500/t in the majority of the markets.
The participants based in central India, Raipur are uncertain about the future market trends due to the lockdown announcement by the state government which would be effective from tomorrow. Sources expect this may impact trades & movement of material within the state, especially of finished steel products.
Raw Material
- The billet manufacturers in Raipur, central India reported purchase of Silicon Manganese (60-14) at INR 60,000-60,250/t exw.
Semi Finished
- Raipur based sponge manufacturers have reduced P-DRI offers by INR 100/t to INR 19,400-19,500/t, however few buying inquiries reported at near to INR 19,300/t; exw due to price corrections in billet.
- Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 20,000/t exw Jajpur. However no major sales reported by officials.
- Singhal Steel decreased billet offers by INR 100-200/t to INR 29,300-29,400/t exw.
- Ind Synergy (Raigarh) offered P-DRI at INR 18,900/t & billet at INR 29,400/t exw.
- Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 19,500/t exw.
- Hare Krishna has offered FeM 79-80 P-DRI at INR 18,800/t exw Bellary, an official reported.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 18,600-18,700/t exw Bellary & around 2,500 t deals reported in nearby region.
Rebar (12 mm)
- GK TMT unchanged their offers at INR 35,300/t exw Raipur.
- Shrishtii TMT offers reported at INR 33,500/t exw Raigarh (Up by INR 200/t).
- Rathi Stelmax TMT is offering at INR 36,600 exw Delhi/NCR (Up by INR 200/t).
- Century TMT reduced offers at INR 34600/t exw Muzaffarnagar (Down by 200/t).
- National TMT is offering at INR 35,300 FoR Ahmedabad.
- Polaad TMT kept offers stable at INR 34,100 exw Jalna.
- SSI TMT is offering at INR 36,000/t exw Chennai.
Wire Rod, Pipe & Structure
- Goel Pipe, one of the renowned pipe producer in central India-Raipur has offered pipe at INR 43,650/t FoR.
- Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 40,800/t exw (Up by INR 500/t).
- Trade discounts in Raipur wire rod have reported at INR 1,000-1,200/t, however base price was firm at INR 34,200/t exw. Also, in Durgapur trade reference price slightly dropped by INR 100/t to INR 33,000-33,500/t exw.
- Raipur based heavy structure manufacturers maintained trade discount at INR 700-1,000/t and trade price of 200 Angle stood at INR 36,500-36,900/t exw.
Reference prices as on 21st Sep’20
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