Indian steel prices surged today on strengthening raw material prices, however, demand remained average. Sponge iron & billet prices increased by INR 50-400/t in major markets.
Also, rebar prices moved up by INR 100-300/t in many locations, however, it fell by INR 300/t in Bangalore.
Trade sources believe that prices of semi products are likely to remain supported due to lower production and lower margins due to high cost of raw materials.
Semi Finished
- Indian sponge iron export offers increased by $5/t to $310/t CPT Benapole, equivalent to $330/t CFR Chittagong, Bangladesh.
- Induction grade billet export offers surged by $5/t to around $415/t exw Durgapur, equivalent to $440-442/t CPT Nepal, via road delivery.
- Raipur based major sponge manufacturers have kept P-DRI offers firm at INR 20,100-20,200/t exw, although demand slowed down due to falling furnaces production, as stated by officials.
- Neo Metaliks in Durgapur has raised steel grade pig iron price by INR 100/t to INR 29,000-29,100/t exw & sufficient deals reported in local market.
- Visa Steels offering steel grade pig iron at INR 28,000/t exw, however no major inquiries reported.
Rebar (12 mm)
- GK TMT has unalterd offers at INR 35,000/t exw Raipur.
- Rathi Stelmax TMT has ket offers at INR 36,300/t exw Delhi/NCR (Up by INR 300/t).
- Swarup TMT is offering at INR 34,300/t exw Muzaffarnagar.
- Mono TMT offer stable at INR 35,900/t FoR Ahmedabad.
- Polaad TMT unchanged their offer at INR 34,700/t exw Jalna.
Wire Rod & Pipe
- Indian mid scale mills wire rod export offers stood at around $452-454/t exw Durgapur, equivalent to $480/t CPT Nepal.
- Trade discounts in Raipur wire rod slightly dropped by INR 200/t to INR 1,000/t through the traders, however base price remains unchanged at INR 34,000/t exw, through the plants.
Reference prices as on 7th Sept’20 
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