Indian steel prices declined further today. Sponge iron prices fell by INR 100-250/t in most of the locations. Also, billet prices dropped by INR 100-300/t in major markets, however it went slightly up by INR 300/t in the southern India (Chennai).
Following the trend, rebar prices have seen a downfall of INR 100-400/t in many locations. Sources believe that prices may soften further due to limited spot trades & stability in raw material prices.
Semi Finished
- Raipur based sponge manufacturers have reduced P-DRI offers by INR 100-200/t to INR 19,000-19,100/t exw, sufficient deals learned in local market of about 2,000-3,000 t by a couple of major supliers.
- Singhal Steel decreased billet offers by INR 100-200/t to INR 28,700-28,800/t exw Raigarh.
- Neo Metaliks in Durgapur has maintained steel grade pig iron offers firm at INR 28,300-28,400/t exw.
- Visa Steels offering steel grade pig iron at INR 28,000/t exw Jajpur.
- Bhaskar Steel and Ferro Alloy Ltd offered FeM 80 C-DRI lumps at INR 19,700/t & billet at INR 29,000/t exw Odisha.
- BIOP Steels in South India has kept offers unaltered for FeM 80 C-DRI lumps at INR 19,000/t exw Bellary.
- Hare Krishna has offered FeM 79-80 P-DRI at INR 18,800/t exw Bellary, an official reported.
- BMM Ispat has increased sponge P-DRI offers by INR 100/t to INR 18,700-18,800/t exw Bellary & around 1,500 t deals reported in nearby region.
Rebar (12 mm)
- GK TMT has unchanged their offers at INR 34,700/t exw Raipur.
- Shrishtii TMT offers reported at INR 32,200/t exw Raigarh (Down by INR 500/t).
- Radhe TMT is offering at INR 32,000/t exw Raigarh (Down by INR 300/t).
- Raigarh based sources reported Jindal TMT ISI 550 offers at INR 34,000/t exw (12 mm).
- Century TMT is offering at INR 34,200/t exw Muzaffarnagar (Up by INR 400/t).
- Gajkesri TMT has unchanged their offers at 33,500/t exw Jalna.
- Mono TMT kept offers stable at INR 35,500/t FoR Ahmedabad.
- Triple Power is offering at INR 35,500/t exw Chennai.
Wire Rod & Pipe
- Goel Pipe, one of the renowned coil based pipe producer in central India-Raipur has offered pipe at INR 42,700/t FoR.
- ERW Pipe manufacturers have kept offers at firm level to INR 34,500-34,700/t exw Raipur.
- Trade discounts in Raipur wire rod further increased by INR 500/t to INR 1,400-1,600/t through the traders, however base price remains firm at INR 33,200/t exw. Also, in Durgapur trade reference price dropped by INR 300/t to INR 32,400-32,700/t exw.
Reference prices as on 27th Aug’20
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