Spot steel market observed improved trade volumes today with rise in price range specifically in central & eastern India.
The standalone producers remain optimistic to resume operations as recent central govt notification allowed labors to go back home, which may create shortage of labors and lead to slowdown project works as well. Thus, the producers in major locations are delaying decisions on that.
Rupee & BSE Sensex
— On 4th May’20 (Monday) INR to USD exchange rate stood at INR 75.66
— BSE Sensex closed at 31,715 (-2,002) Monday (4th May’20) as against last day (Thursday, 30th Apr) at 33,717 (+997).
— NSE Nifty50 index was closed today at 9,293 (-566) & Nifty Metal at 1,713 (-146).
Secondary steel market update –
Raipur: Rebar demand gradually improved on day basis due to limited availability at manufacturers premises amidst of measured production level and traders as well as retailers have to procure to maintain adequate stock level.
— Current Rebar offers are hovering at INR 32,300/MT which is INR 300/MT higher than last day assessment and deals were concluded in the range of INR 31,800-32,000/MT EXW.
— Heavy structures moved up by INR 200/MT on day basis and basic price registered at INR 31,600/MT where 200 angle current assessment at INR 33,800-34,200/MT EXW.
— Light/Medium structure offers are reported by around INR 26,000/MT but trade volume remains at INR 25,700-800/MT EXW.
— Real Ispat has raised GK TMT offers by INR 200/MT to INR 34,500/MT EXW.
— Kamdhenu TMT is offering at INR 34,600/MT EXW.
— Wire rod base offers moved up sharply by INR 500/MT to INR 30,500/MT & deals assessed at around INR 30,000-30,200/MT EXW. Also, GI Wire (12 G) offers gain by INR 500/MT to INR 39,400-39,600/MT & BINDING Wire (20 G) by INR 500/MT to INR 38,100-38,500/MT EXW.
— Billet offers increased by INR 800-900/MT to INR 27,200-300/MT FoR basis from Raigarh & through the local Raipur based plants at INR 27,200/MT EXW.
— Sponge P-DRI offers remain unaltered with no major fresh deals and assessed at INR INR 15,500-600/MT EXW.
Raigarh: The sponge manufacturers are offering sponge C-DRI at INR 15,800/MT & P-DRI at INR 14,700-800/MT EXW. Billet offers from furnaces increased by INR 500/MT to INR 26,400-500/MT EXW.
— Billet deals learned at INR 27,200-300/MT FoR Raipur from Raigarh based manufacturers.
— Scan Group branding (Shrishti TMT) offers are at INR 32,100/MT EXW (up by INR 500/MT).
— Raigarh based Anjani Steels Ltd. (Radhe TMT) is offering at INR 32,000/MT EXW.
Durgapur: The Kharagpur based manufacturer has increased Rebar offers by INR 600-700/MT to INR 31,200-300/MT, Wire rod by INR 400-500/MT to INR 29,900-30,000/MT & Billet by INR 600/MT to INR 26,400-500/MT, EXW.
As per officials, Billet demand is good, specifically from north India, also sufficient inquiries in Rebar.
Rourkela: The sponge manufacturers unaltered their C-DRI mix material offer at INR 15,200/MT EXW. While Billet offers rise by INR 500/MT to INR 25,700-25,800/MT EXW.
— A trade source in Odisha reported Rebar & ERW Pipe offers at INR 31,300-500/MT & INR 32,000/MT EXW.
Mumbai: Guardian Casting Pvt. Ltd. (Guardian TMT) offers at INR 34,300/MT EXW.
— Structure price remained unchanged for 25*25 & 40*40 Angle and stood at INR 36,800/MT and INR 34,800/MT respectively, EXW.
— No offers in Ingot & Billet.
Jalna: Jalna based one particular manufacturer has started their operations with rolling mills with limited capacity.
— Bhagyalaxmi Rolling Mill Pvt. Ltd. (POLAAD TMT) offers at INR 36,700/MT EXW.
— SRJ Peety Steel Pvt. Ltd. (SHREE OM TMT) offers at INR 36,700/MT EXW.
— Kalika Steel Alloys Pvt. Ltd (KALIKA TMT) offers at 36,500/MT EXW.
Ahmedabad: Alang based few yards offering Ship breaking scrap where Melting scrap equivalent to HMS (80-20) registered at INR 21,400/MT & Attachment at INR 22,400-500/MT along with few other sizes.
— Billet offer assessed at around INR 28,000/MT FoR by specified mills but no major trade reported by SteelMint sources.
— Trade price Rebar stood at INR 33,500-33,900/MT FoR.
— Shreeyam Power & Steel Industries Ltd. (National TMT) has kept Rebar offer 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.
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