Indian steel market update- 10 July'20
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Indian sponge iron & billet prices further increased by INR 100-500/t today on account of active demand and seasonal supply shortage of sponge iron specifically in central & eastern India.
Hence, following the hike in sponge iron & billet prices, the re-rollers have raised rebar offers by INR 200-500/t in central & eastern India, although demand remained low due to ongoing monsoon & lockdown announced in few states.
BSE Sensex | Exchange rate | NSE Nifty50 index | Nifty Metal |
36,594 (-143) | INR 75.23 | 10,768(-45.40) | 2,078 (-16.10) |
Raw Material
- Vedanta (Sesa Goa) has floated an e-auction for 3,000 t BF coke and 300t nut coke on 15 Jul'20 via yankee auction methodology.
- Steel Authority of India (SAIL) has re-scheduled auction for 100,000 t iron ore fines from its Bolani on 07th Aug'20.
- Monnet Ispat sold around 50-60t Silico Manganese (60-14) at INR 61,750/MT EXW, Raipur- Officials.
Semi Finished
- An Indian mill was reported to have book 20,000 t billets (125*125mm, 5sp) through tender at $380/t, on FoB basis.
- Durgapur based Neo Metaliks has reported few deals of steel grade pig iron at INR 24,500/t EXW.
- Visa steels concluded deals of around 500t steel grade pig iron at INR 24,000/t EXW for Raipur.
- Freight charges from Raigarh to Raipur increased to INR 600-650/t as against last week at INR 570-600/t, participants
- Raipur based major sponge manufacturers have raised sponge P-DRI offers by INR 200/t to INR 16,200-16,300/t EXW & total of about 5,000 t deals reported by 3-4 plants.
- BIOP Steels in South India has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 15,300/t & INR 15,600/t EXW, Karnataka.
- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 15,000/t ex-Bellary & around 6,000 t deals reported in nearby region.
Rebar (12 mm)
- Paras TMT offers at INR 32,200/t EXW Muzaffarnagar.
- GK TMT is offering at INR 33,200/t EXW Raipur (Up by INR 200/t).
- Scan Group (Shrishti TMT) is offering at INR 31,400/t EXW Raigarh.
- Odisha based Shubhlabh TMT offers reported at INR 30,500/MT EXW.
- Reliable TMT offers reported at INR 31,300-31,400/MT EXW.
- Rajuri TMT offering at INR 32,200/t EXW Jalna.
- Akshat TMT is offering at INR 32,700/t FoR Ahmedabad.
- ARS 550 D is offering at INR 39,200/t EXW Chennai.
- Kamachi TMT Fe 550 is offering at INR 36,500/t EXW Chennai.
- BMM TMT offers at INR 33,000/t EXW Hospet.
- Raipur based heavy structure manufacturer's maintained trade discount stable at INR 400-600/t and trade price of 200 Angle stable at INR 34,300-34,600/t EXW.
Wire Rod & Pipe
- Trade discounts in Raipur wire rod fell by INR 200/t to INR 800/t through the traders & base price up by INR 300/t to INR 31,300/t EXW. Also in Durgapur offers through the manufacturers increased sharply by INR 1,000/t to INR 32,000/t EXW, however no trades learned.
- ERW Pipe manufacturers have increased offers by INR 100/t to INR 33,300-33,500/t ex-Raipur.
Reference prices as on 10th Jul'20
Basic prices in INR/t & excluding GST @ 18%
Source: SteelMint Research