Indian secondary steel market reported a mixed trends today. Sponge iron market has seen a fluctuation in prices of around INR 50-100/t. Following which billet prices slightly declined by INR 50-100/t except for Mandi as low carbon billet demand remained supported in the North region.
In the context of finished steel, the rebar market registered price movement of INR 100-200/t in major locations.
Sources in the central region are not expecting a sharp fall in prices as there are healthy bookings in raw materials (pellet). Also, the sponge iron & billet producers have sufficient orders in hand. In addition to it, pig iron prices have remained supported due to temporary supply shortage.
Semi Finished
- Induction grade billet export offers hovering at $400/t exw Durgapur, equivalent to $425/t CPT Nepal, via road delivery.
- Raipur based sponge P-DRI manufacturers have kept offers firm at INR 19,300-19,400/t, however inquiries remained at less price range of INR 19,000-19,200/t exw.
- Visa Steels concluded deals of around 500 t steel grade pig iron at INR 27,200-27,300/t exw Jajpur.
- Ind Synergy (Raigarh) offered P-DRI at INR 19,000/t & billet at INR 29,400/t exw.
- Durgapur based Neo Metaliks has reported no major stock for steel grade pig iron & offers at INR 28,200/t exw.
- Jajpur based sponge manufacturer sold around 1,000 t FeM 80 C-DRI mix material to Durgapur (West Bengal) at around INR 20,700/t FoR.
- Rourkela based steel supplier sold around 1,000 t billet to Ghaziabad at INR 29,300/t exw and freight cost cited at INR 2,400/t via road.
- BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 18,400/t exw Bellary & around 2,500 t deals reported in nearby region.
- BIOP Steels in South India has kept offers unchanged for FeM 80 & 82 C-DRI lumps at INR 18,900/t & INR 19,300/t exw.
Rebar (12 mm)
- Shrishtii TMT offers reported at INR 33,000/t exw Raigarh.
- Swarup TMT unchanged offers at INR 34,200/t exw Muzaffarnagar.
- Vinayak TMT kept offers stable at INR 34,900 FoR Ahmedabad.
- Gajkesari TMT is offering at INR 33,900 exw Jalna.
- Odisha based Scan TMT offers reported at INR 32,700-32,800/t exw.
Wire Rod, Pipe & Structure
- Mid scale mills wire rod export offers stable at $445-447/t exw Durgapur, equivalent to $470-472/t CPT Nepal.
- Trade discount in Raipur wire rod dropped by INR 100-200/t to INR 1,000-1,200/t, also base price declined by INR 300/t to INR 34,000/t exw.
- Trade discount given by Raipur based heavy structure manufacturers is maintained at INR 1,000-1,300/t, and the current trade price of 200 Angle stood at INR 36,400-36,800/t exw.
Reference prices as on 9th Oct’20
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