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Indian Steel Market Update - 29 Apr'20

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29 Apr 2020, 19:16 IST
Indian Steel Market Update - 29 Apr'20

Indian steel prices in secondary market remained stable on day-to-day trade activities despite limited spot trades, as stated by participants.

It was reported that re-rollers & stockists in major markets have offered some additional trade discounts to clear earlier stock and improve sales.

Rupee & BSE Sensex

-- On 29th Apr'20 (Wednesday) INR to USD exchange rate stood at INR 75.60

-- BSE Sensex closed at 32,720 (+605) on Wednesday (29th Apr'20) as against last day (Tuesday) 32,114 (+371).

-- NSE Nifty50 index was closed today at 9,553 (+172) & Nifty Metal at 1,723 (+62).

Secondary steel market update -

Raipur: Rebar offers remained unchanged against yesterday's assessment and reported at INR 31,500/MT but trades were registered slightly lower than offers at INR 31,000-31,100/MT; EXW. Lowest range observed at INR 30,600/MT EXW, upon defined quantity.

-- Heavy structure base offers stand at INR 30,800/MT which is unchanged and trade discounts also remained stable at INR 400-800/MT and 200 Angle offers assessed at INR 33,000-33,400/MT EXW.

-- While, medium & light structure basic price remains unchanged at INR 25,500/MT and limited deals concluded at INR 100-200/MT lower than base price. Light/medium structure and 100/50 Channel offers assessed at INR 29,400-500/MT, EXW.

-- GK TMT have maintained offers firm since last 3-4 days at INR 33,700/MT, EXW.

-- Wire rod base offers remain unchanged at INR 30,000/MT, however deals assessed with increase discount of INR 100-200/MT to INR 28,700-28,900/MT EXW. Although, GI Wire (12 G) offers steady at INR 39,000-39,200/MT & BINDING Wire (20 G) at around INR 37,500/MT EXW.

-- Billet offers stood at INR 25,600-700/MT FoR basis from Raigarh (advance payment) & local Raipur based plants offer at INR 25,800-900/MT EXW on next day payment.

-- Sponge P-DRI offers by few local manufacturers reported at INR 16,000-16,200/MT EXW.

Raigarh: As per sources, few Raigarh based manufacturers are operating their units, however sales remain limited, as the major buyers from North India are not active over lockdown period. Billet offers from furnaces are unaltered at INR 25,100-200/MT EXW.

-- Sponge offers declined by INR 100-200/MT to INR 15,000/MT (P-DRI) & INR 16,000/Mt (C-DRI). However buying interest of P-DRI at INR 14,800/MT EXW.

-- Scan Group branding (Shrishti TMT) is offering at INR 30,700/MT EXW (Up by INR 200/MT).

Muzaffarnagar: The Rolling mill owners are focusing on old dispatches to clear their finished steel stock from the plant. However regarding resumption of activities, chances remain limited.

-- Sarvottam Rolling Mill (Paras TMT) is offering at INR 32,525/MT EXW.

Durgapur: The offers remain unchanged by Kharagpur based plant for Rebar at INR 30,000-30,100/MT, Wire rod at INR 29,300-29,500/MT & Billet at INR 25,500/MT. No fresh deals as per officials.

Rourkela: The sponge C-DRI producers are waiting for the next order from the Government regarding easing of Lockdown, as of now they kept offering the same against the last day. While Billet offers reduced by INR 200/MT to INR 25,000-25,100/MT EXW.

-- Bhaskar Steel and Ferro Alloy Ltd is offering FeM 80 C-DRI at INR 16,000/MT & Billet at INR 25,000/MT EXW.

-- Bajrangbali Steel Industries in Odisha has kept unchanged Rebar & ERW Pipe offers at INR 31,300-500/MT & INR 32,000-32,500/MT EXW.

Bellary: As per the notice, Government in Karnataka orders industrial operations to restart in rural areas (Established in COVID-19 unaffected Districts).

In the same situation, the manufacturers are working to restart operations again. The sponge manufacturers kept offers unaltered at INR 16,400-600/MT EXW.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 16,500/MT ex-Bellary & about 1,000 MT deals reported in nearby markets in the last two days.

Mumbai: As per sources, still no offers and deals for Ingot and Billet in local market.

-- Guardian Castings Pvt. Ltd. (Guardian TMT) is offering Rebar at INR 34,300/MT EXW.

-- Jaideep Metallics & Alloys Pvt. Ltd. (SUN TMT) is offering at INR 35,500/MT EXW.

-- Structure for 25*25 Angle price stood at INR 36,800/MT and for 40*40 Angle at INR 34,800/MT EXW.

Jalna: With market remaining close, no offers in Billet and Rebar.

Ahmedabad: Alang Ship breaking yards offering limited scrap in the market i:e; Melting & Attachment along with few other sizes. Melting scrap stands at INR 21,500/MT and Attachment registered at INR 22,500/MT, Ex-Yard.

-- Gandhidham based particular mill offers Billet at INR 28,200/MT FoR but buying inquiries was at less price by INR 400-700/MT.

-- Trade price of Rebar remained unchanged at INR 33,400-33,900/MT FoR.

-- Shreeyam Power & Steel Industries Ltd (National TMT) has unchanged their Rebar offer at INR 34,200/MT FoR.

-- Mono Steel India Ltd (Mono TMT) is offering Rebar 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.

29 Apr 2020, 19:16 IST

 

 

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