Spot steel prices of mid sized mills remained strong in major locations of India on account of active demand and as per assessment prices increased upto INR 700/MT D-o-D.
The rebar & billet prices surged by INR 200-700/MT, while sponge iron prices increased by INR 200-500/MT, in which a major hike was noticed in west, south & eastern India.
Participants believe that, prices are likely to remain supported due to shortage of material availability on ready delivery specially of rebar, billet & wire rods.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,600-31,300/MT (USD 378-415) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 16,100-17,800/MT (USD 213-236); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 26th May 2020 (Tuesday) INR to USD exchange rate stood at INR 75.55.
— ICEX (Indian Commodity Exchange Ltd) Jun’20 contract for STEELLONG today open at INR 31,100/MT & last traded (IST 17:45 hrs) at INR 30,900/MT.
— BSE Sensex closed at 30,609(-63) on Tuesday, as against last day (Friday) at 30,672(-260).
— NSE Nifty50 index was closed today at 9,029(-10) & Nifty Metal at 1,756(+45).
Raw Material
— Central India, Raigarh based manufacturer has offered 60-14 Silico Manganese at INR 62,500-63,000/MT EXW.
Semi Finished
— Mid scale mills export offers to Nepal increased following rise in domestic prices and learned at USD 375/MT for billet & USD 435-440/MT for wire rod, ex-mill at Durgapur.
— As per market sources, Rashmi Metaliks in Kharagpur (Durgapur) have further raised prices and reported sponge P-DRI at INR 17,000/MT FoR & Pig iron at INR 23,800/MT ex-plant.
— Neo Metaliks has maintained steel grade pig iron prices firm at INR 23,800-24,000/MT ex-Durgapur.
— Raipur based manufacturers have raised sponge P-DRI prices by INR 200/MT to INR 16,500/MT ex-plant & over 3,000 MT deals reported in local market.
— Monnet Ispat has offered sponge DR-CLO grade at INR 18,300/MT & P-DRI at INR 16,300/MT ex-plant, Raipur.
— Raigarh based Singhal Steel offered P-DRI at INR 15,700/MT & Billet at INR 28,800-28,900/MT ex-Raigarh, officials reported.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,700/MT & Billet at INR 28,500/MT ex-plant.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,200/MT ex-Bellary & around 1,500 MT deals reported in nearby region.
Rebar (12 mm)
— Sarvottam Rolling Mills (Paras TMT) offering at INR 36000/MT EXW (Muzaffarnagar).
— Real Ispat (GK TMT) is offering at INR 37,700/MT EXW Raipur (up by INR 200/MT).
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 35,200/MT EXW.
— Odisha based Shubhlabh TMT offers reported at INR 34,800/MT EXW
— Odisha based Ultra Strong TMT offers reported at INR 34,800/MT EXW.
— Bhagyalaxmi Rolling Mill Pvt Ltd (Polaad TMT) has unchanged their offer at INR 36,700/MT EXW (Jalna).
— Saluja Steel & Power Pvt. Ltd. (Saluja Gold TMT) offering at INR 37884/MT EXW (Giridih, Jharkhand).
— Mono Steel (India) Ltd. (Mono TMT) is offering at INR 35,100/MT FoR (Gujarat).
— Trade discount maintained by Raipur based heavy structure manufacturers is at INR 900-1,100/MT and trade reference prices at INR 36,400-36,700/MT (200 Angle) EXW.
Wire Rod & Pipe
— Trade discount in Raipur wire rod increased to INR 400-600/MT through the traders and trade reference price learned at INR 36,000-36,300/MT ex-Raipur & INR 33,300-500/MT ex-Durgapur.
— ERW Pipe Manufacturers have increased offers by INR 200-500/MT to INR 36,700/MT ex-Raipur, INR 37,700/MT ex-Mandi Gobindgarh & INR 36,700-36,800/MT ex-Rourkela.
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