Indian steel market update- 20 July’20

Indian sponge iron & billet prices surged by INR 100-400/t today on improved spot trades, as per market participants. However in rebar market, there was a decline in price range in most of the location by 100-300/t, whereas in central & eastern India prices gain by around INR 100-300/t.

Semi Finished

• Raigarh based furnaces are mostly selling ingot to Ghaziabad at INR 26,700/t EXW over increased demand, Freight at INR 2,500/t. Whereas billet deals have been concluded for Raipur at INR 27,700-27,850/MT FoR.
• Raigarh based smelters booked 80 FeM C-DRI mix material from Odisha at INR 17,000/t FoR Raigarh.
• Visa Steels concluded deals of around 1,200t steel grade pig iron at INR 23,700-23,900/t EXW for Central India.
• Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 16,400/t, EXW.
• Neo Metaliks in Durgapur reported limited inquiries on reduced offers of steel grade pig iron by INR 100/t to INR 24,600-700/t ex-plant.
• Couple of major sponge producers from Raipur have sold about 3,000 t sponge P-DRI at INR 16,100-200/t ex-plant, while offers through the mid sized plants learned at INR 16,400-500/t ex-plant.
• Rashmi Metaliks has raised sponge C-DRI offers to INR 17,700-800/t FoR Durgapur, as per sources.
• Steel grade pig iron offers remain strong in central region at INR 24,700-800/t FoR Raigarh & INR 24,900-25,000/t FoR Raipur.
• BMM Ispat in South Indian has kept offers unaltered of FeM 80 P-DRI lumps at INR 15,400/t ex-Bellary, Karnataka.
• BIOP Steels in South India has increased sponge prices by INR 300/t, offering FeM 80 & 82 C-DRI lumps at INR 15,800/t & INR 16,100/t EXW, Karnataka; an official reported.

Rebar

• Swarup TMT is offering at INR 32,200/t EXW Muzaffarnagar.
• GK TMT is offering at INR 32,900/t EXW Raipur.
• Radhe TMT is offering at INR 30,300/t EXW Raigarh.
• Guardian TMT offers at INR 30,900/t EXW Mumbai (Up by INR 100/t).
• Kalika TMT keep offers stable at INR 31,800/t EXW Jalna.
• Diamond TMT is offering at INR 33,000/t FoR Ahmedabad.
• ARS 550 D is current offering at INR 38,500/t EXW Chennai.
• JR TMT is offering at INR 35,000/t EXW Chennai.
• Scan Group (Shrishti TMT) is offering at INR 30,800/t EXW Raigarh.
• Odisha based Shubhlabh TMT offers reported at INR 30,500/t EXW.
• Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 30,600-30,700/t EXW Rourkela.
• Trade discount by Raipur based heavy structure manufacturers maintained at INR 600-900/t and trade price of 200 angle is at INR 34,100-34,500/t EXW.

Wire Rod & Pipe

• APL Apollo Tubes Ltd, has kept offers unaltered for ERW Pipe at INR 38,500/t EXW in central India, Chhattisgarh- sources.
• ERW Pipe Manufacturers have kept offers at firm level to INR 33,200-33,300/t ex-Raipur, INR 36,800/t ex-Mandi Gobindgarh & INR 33,500/MT ex-Rourkela.
• Trade discounts in Raipur wire rod fall to INR 700-900/t & base price up by INR 200/t to INR 31,400/t ex-plant. Also, in Durgapur trade reference prices increased by INR 200/t to INR 30,800-31,000/t ex-plant.

Reference prices as on 20th Jul’20

Basic price in INR/t & excluding GST @ 18%
Source: SteelMint Research