Indian billet prices moved down further INR 100-500/t, following drop in rebar prices by INR 100-400/t d-o-d, owing to falling spot trades and future bookings.
While, sponge iron prices fell slightly by INR 100/t on account of sufficient orders among producers and strong prices of raw materials i.e. iron ore & pellets.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 26,400-30,200/t ($353-405) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,300-16,800/t ($205-225); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 6th July 2020 (Monday) INR to USD exchange rate stood at INR 74.60.
— ICEX (Indian Commodity Exchange Ltd) Aug’20 contract for STEELLONG today open at INR 30,230/t & last traded (IST 18:20 hrs) at INR 30,230/t.
— BSE Sensex closed at 36,487(+465) on Monday, as against last day (Friday) at 36,021(+177).
— NSE Nifty50 index was closed today at 10,763(+156) & Nifty Metal at 2,058(+49).
Raw Material
— NMDC has reduced the base price for pellets from its Donimalai plant by INR 500/t to INR 5,500/MT on FoT basis for Fe 64% pellets for a quantity of 39,000t on advance payment basis. The price validity is till 19th July’20.
— BMM Ispat located in Bellary, Karnataka sold around 10,000 MT pellets in nearby market at INR 5,700/t EXW in the last two days.
— Western India – Gujarat based a steelmaker reported to have booked about 5,000 t of contanerize HMS 1&2 from West Africa at around $240/t CFR India.
Semi Finished
— Durgapur based Neo Metaliks hold offers for steel grade pig iron due to healthy orders in hand and last price reported at near to INR 24,300/t ex-plant.
— Rashmi Metaliks has offered sponge P-DRI at INR 15,900-16,000/t FoR Durgapur, as per sources.
— Raipur based sponge manufacturers have maintained P-DRI offers firm at INR 15,800-900/t ex-plant, however no major deals reported due to healthy bookings last week-end & drop in billet prices.
— Raigarh based BS Sponge offered P-DRI at INR 15,300/t & Billet at INR 26,500/t EXW.
— Singhal Steel offered P-DRI at INR 15,500/t & Billet at INR 26,500/t ex-Raigarh.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,000/t ex-Bellary & around 5,000 t deals reported in nearby region.
— BIOP Steels in South India has decreased sponge prices by INR 100/t, offering FeM 80 & 82 C-DRI lumps at INR 15,300/t & INR 15,600/t EXW, Karnataka; an official reported.
Rebar (12 mm)
— Swarup TMT offering at INR 32,200/t EXW Muzaffarnagar.
— GK TMT offers stable at INR 33,000/t EXW Raipur.
— Scan Group (Shrishti TMT) is offering at INR 30,500/t EXW Raigarh.
— Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 30,600/t EXW Rourkela.
— Polaad TMT is offering at INR 32,000/t EXW Jalna.
— Guardian TMT is offering at INR 31,000/t EXW Mumbai (Down by INR 200/t).
— Akshat TMT is offering at INR 33,000/t FoR Ahmedabad.
— National TMT is offering at INR 33,000/t FoR Ahmedabad.
— Trade discount given by Raipur based heavy structure manufacturers is at INR 700-1,000/t and trade price of 200 Angle is at INR 33,900-34,300/t EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod assessed at INR 1,000-1,200/t & base price drop by INR 100/t to INR 30,800/t ex-plant. However in Durgapur trade reference prices unchanged at INR 30,700-31,000/t ex-plant.
— ERW Pipe manufacturers have decreased offers by INR 100-200/t to INR 33,300/t ex-Raipur, INR 36,000/t ex-Mandi Gobindgarh & INR 33,500/t ex-Rourkela.
Reference prices as on 6th Jul’20
Basic prices in INR/t & excluding GST @ 18%
Source: SteelMint Research
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