Spot steel trades remained limited ahead weekend and with recent announcement for further extension in lockdown till 17th May. As per sources, the major steel consuming markets are under the Red Zone, which may affect steel demand in the coming days.
Thus, the participants are cautious before making fresh deals in finished steel, which resulted in prices remaining largely stable today. Further it is learned that market trends will be clear soon as few more plants in central, west & northern India are planning to resume operations from the coming week.
USD/INR exchange rate
— On 2nd May’20 (Saturday) INR to USD exchange rate stood at INR 75.72
Secondary steel market update –
Raipur: Rebar offers of medium scale manufacturers remained stable and trade volume reported to be sufficient from various mills.
Few of the mills have resumed their operations and the rest of the rolling mills might resumed in the coming week as soon as they dispatch their pending material along with some future bookings, shared market participants.
— Rebar trade prices were assessed at INR 31,700-900/MT EXW.
— Heavy structure offer moved up by INR 200/MT on 3rd consecutive day i:e; from INR 30,800/MT to INR 31,400/MT and trade discounts slightly elongate by INR 100-300/MT to INR 500-800/MT as no major buying inquiries reported. Trade assessment stood at INR 33,600-34,000/MT for 200 Angle, EXW.
— While, medium & light structure offers were stable against last assessment and basic price registered at INR 25,500/MT and 100/50 Channel offers assessed at INR 29,500-600/MT, EXW.
— Real Ispat has kept unchanged GK TMT offers at INR 34,300/MT, EXW. Prior to this the company raised prices by a total of INR 600/MT in the last two days.
— Wire rod base offers remain firm at INR 30,000/MT & deals assessed at around INR 28,900-29,000/MT EXW. However GI Wire (12 G) offers reduced by INR 200/MT to INR 38,800-39,200/MT & BINDING Wire (20 G) steady to around INR 37,500-800/MT EXW.
— Billet offers increased by INR 300-400/MT to INR 26,500-600/MT FoR basis from Raigarh (advance payment). Also the same hike was done by Raipur based plants by INR 300/MT to INR 26,500/MT EXW on next day payment.
— Silico Manganese (60-14) offers are on hold by few manufacturers on assumption of hike prices by MOIL. Although last deals were reported at around INR 66,000-66,500/MT EXW.
— Sponge P-DRI offers remain unaltered with no major inquiries and assessed at INR 15,500-700/MT EXW.
Raigarh: Trades picked up slightly in Billet & offers assessed at around INR 25,800-26,000/MT EXW (up by INR 300/MT).
— Meanwhile, Sponge offers declined by INR 300/MT, C-DRI at INR 15,600/MT & P-DRI at INR 14,700-14,800/MT EXW.
— Silico Manganese (60-14) offers unchanged at INR 66,000/MT EXW.
Muzaffarnagar based Sarvottam Rolling Mills (Paras TMT) offering TMT at INR 33,000/MT EXW. There were no trades reported since yesterday as the location has been declared under the Red Zone. According to few rolling mill owners, only dispatch will be open until May 4th due to having old orders in hand.
Durgapur: The Kharagpur based manufacturer has increased Rebar offers by INR 100/MT to INR 30,300-400/MT, while Billet offers adjusted to INR 25,800/MT, EXW. Wire rod offers reported roll-over at INR 29,400-29,600/MT EXW.
Rourkela: Offers remain unaltered for Billet & Sponge C-DRI mix material at INR 25,000-25,100/Mt & INR 15,000-15,200/MT, respectively, EXW.
— Subhlabh TMT offers reported at INR 31,700-800/MT EXW.
— Manufacturers offering ERW pipe at INR 32,300/MT EXW.
Hyderabad: Rebar manufacturers are offering for sale of stock material at INR 33,500-34,000/MT EXW. However deals remain limited, as stated by participants.
Bellary: BMM Ispat, a renowned manufacturer has reduced Sponge P-DRI offers by INR 100-200/MT to INR 16,300-16,400/MT EXW.
Mumbai: Market is closed and still exists under the Red Zone where no offers are reported for Semis and Rebar. Although a couple of medium scale (structure) rolling mills floated their offers but the trades remain close to nil.
Jalna: Assumptions of mill owners are high to resume their production from next week with limited capacity but get some uncertainty with lockdown extension by next couple of weeks, as per yesterday guidelines announced by central govt.
Ahmedabad: Alang based few yards offering Ship breaking scrap where Melting scrap equivalent to HMS (80-20) registered at INR 21,500/MT & Attachment at INR 22,500/MT along with few other sizes.
— There is no major change in Ingot price and stood at INR 27,800-28,000/MT FoR. Also in Billet price unchanged at INR 28,000-28,200/MT FoR.
— Trade price of Rebar stood at INR 33,500-33,900 FoR.
— Shreeyam Power & Steel Industries Ltd. (National TMT) has kept Rebar offers unchanged at INR 34,200/MT FoR.
— Mono Steel India Ltd. (Mono TMT) offers of rebar are at INR 33,400/MT FoR.
Note: The prices mentioned above for Rebar at 12-25mm, Wire rod at 5.5mm & Billet of 100*100mm.
Leave a Reply