Indian Semi finished (billet) prices increased slightly although trades activities relatively limited, as per participants. The prices surge by INR 100-300/MT day on day.
In context to sponge iron & rebar, prices fluctuated by INR 100-400/MT in major locations on average trade activities.
SteelMint’s price assessment for induction furnaces billet in Indian market stood at INR 28,500-31,800/MT (USD 377-421) EXW.
Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,900-17,400/MT (USD 210-231); prices are EXW & excluding GST.
Rupee & BSE Sensex
— On 8th June 2020 (Monday) INR to USD exchange rate stood at INR 75.53.
— ICEX (Indian Commodity Exchange Ltd) Jul’20 contract for STEELLONG today open at INR 30,880/MT & last traded (IST 17:47 hrs) at INR 30,850/MT.
— BSE Sensex closed at 34,370(+83) on Monday, as against last day (Friday) at 34,287(+306).
— NSE Nifty50 index was closed today at 10,167(+25) & Nifty Metal at 2,044(-4).
Raw Material
— Odisha – India’s largest iron ore producing state recorded production at 5.37 MnT down 56%, as against 12.18 MnT in Mar’20.
Semi Finished
— Mid scale mills billet export offers increased by USD 2/MT D-o-D and is assessed at USD 376-378/MT ex-mill at Durgapur, equivalent to USD 405/MT CPT Nepal.
— Sponge manufacturers in Raipur have kept P-DRI offers firm at INR 16,100-200/MT & inquires reported at INR 16,000-16,100/MT; ex-plant.
— Rashmi Metaliks has raised sponge P-DRI offers by INR 300/MT to INR 16,500/MT FoR Durgapur, as per sources.
— Durgapur based Neo Metaliks has increased steel grade pig iron offers by INR 300/MT to INR 24,300/MT ex-plant.
— Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 16,700/MT & Billet at INR 28,400/MT EXW.
— BIOP Steels in South India is offering FeM 80 & 82 C-DRI lumps at INR 16,300/MT & INR 16,600/MT ex-plant, Karnataka; an official reported.
— BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,500-15,600/MT ex-Bellary & around 2,000 MT deals reported in nearby region.
Rebar (12 mm)
— Rathi Stelmax Steel is offering at INR 37,700/MT EXW (North Region).
— Real Ispat (GK TMT) is offering at INR 36,600/MT EXW (Raipur).
— Scan Group branding (Shrishti TMT) is offering at INR 34,800/MT EXW (Raigarh).
— Bajrangbali Steel Industries Pvt Ltd in Rourkela is offering Rebar at INR 35,100/MT EXW.
— Swarup Rolling Mills (Swarup TMT) is currently offering at INR 35,800/MT EXW (Muzaffarnagar).
— Rajuri Steel Pvt. Ltd. (Rajuri TMT) offers at INR 35,600/MT EXW (Jalna)
— Mono Steel (India) Ltd. (Mono TMT) is current offering at INR 35,600/MT FoR (Gujarat).
— In heavy structural steel, current trade reference prices for 200 Angle is at INR 35,600-35,800/MT EXW.
Wire Rod & Pipe
— Trade discounts in Raipur wire rod drop by INR 200/MT to INR 500/MT through the traders, however base prices firm at INR 33,400/MT ex-plant. Also in Durgapur trade reference prices steady at INR 33,400-33,800/MT ex-plant.
— ERW Pipe Manufacturers have kept offers at firm level to INR 35,800-36,000/MT ex-Raipur, INR 38,000/MT ex-Mandi Gobindgarh & INR 36,300-36,500/MT ex-Rourkela.
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