Indian sponge iron & billet prices increased slightly, although trade activities were relatively average, as per participants. The prices increased by INR 100-300/MT, while rebar prices fluctuated by INR 100-500/MT, on day-on-day basis in major markets.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,500-31,500/MT (USD 375-416) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-17,600/MT (USD 216-232); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 28th May 2020 (Thursday) INR to USD exchange rate stood at INR 75.76.
— ICEX (Indian Commodity Exchange Ltd) Jun’20 contract for STEELLONG today open at INR 30,700/MT & last traded (IST 17:50 hrs) at INR 30,500/MT.
— BSE Sensex closed at 32,200(+595) on Thursday, as against last day (Wednesday) at 31,605(+995).
— NSE Nifty50 index was closed today at 9,490(+175) & Nifty Metal at 1,844(+43).
Raw Material
— Silicon Manganese (60-14) deals in Raipur reported at INR 62,500-63,000/MT EXW.
Semi Finished
— Mid scale mills billet export offers stood at USD 373-375/MT ex-mill at Durgapur, equivalent to USD 400-405/MT CPT Nepal.
— Jindal Steel is offering steel grade pig iron at around INR 24,300/MT EXW, Raigarh.
— As per market sources, Rashmi Metaliks in Kharagpur (Durgapur) have kept sponge P-DRI price firm at around INR 16,700/MT FoR.
— Raipur based manufacturers have maintained sponge P-DRI prices firm at INR 16,200-300/MT ex-plant and as per manufacturers, inquiries on average basis.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,500/MT & Billet at INR 28,400/MT EXW.
— BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered and reported FeM 80 P-DRI lumps at INR 16,500/MT ex-Bellary.
Rebar (12 mm)
— Real Ispat (GK TMT) unchanged their offer at INR 37,700/MT EXW (Raipur).
— Scan Group branding (Shrishti TMT) is offering at INR 35,200/MT EXW (Raigarh).
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 35,200/MT EXW.
— Odisha based Shubhlabh TMT offers reported at INR 35,600/MT EXW.
— Sarvottam Rolling Mills (Paras TMT) offering at INR 36,000/MT EXW (Muzaffarnagar).
— Diamond TMT & Procon Pvt. Ltd. has unchanged their offer at INR 35,500/MT FoR (Gujarat).
— SRJ Peety Steels Pvt Ltd (Shree Om) is offering at INR 36,700/MT EXW (Jalna).
— Chennai based Ponneri Steel Ind. (Triple Power) is offering at INR 37,000/MT EXW.
— In heavy structural steel, trade discount maintained by Raipur based manufacturers is at INR 1,000-1,300/MT and trade reference prices at INR 36,200-600/MT (200 Angle) EXW.
Wire Rod & Pipe
— Trade discount in Raipur wire rod stood at INR 700-900/MT through the traders and trade reference prices reported at INR INR 33,300-700/MT ex-Raipur & INR 33,500-800/MT ex-Durgapur.
— ERW Pipe Manufacturers have increased offers by INR 200/MT to INR 36,300-500/MT ex-Raipur, INR 37,700/MT ex-Mandi Gobindgarh & INR 36,500-700/MT ex-Rourkela.
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