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Indian steel market update- 9 July'20

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BigMint Bureau

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9 Jul 2020, 18:38 IST

Indian sponge iron & billet prices increased on day trade activities by INR 100-400/t in major locations except in southern India. While, rebar prices fluctuated by INR 100-200/t, day on day.

As per re-rollers buying inquiries improved slightly today, although due to sufficient stock on seasonal slowdown, the rebar prices remained under pressure.

SteelMint's price assessment for induction furnaces billet in Indian market stood at INR 26,800-30,300/t ($357-404) EXW.

Further, the coal-based sponge (78-80 FeM) C-DRI price assessment was at INR 15,300-17,000/t ($204-224); prices are EXW & excluding GST.

Rupee & BSE Sensex

-- On 9th July 2020 (Thursday) INR to USD exchange rate stood at INR 74.98.

-- BSE Sensex closed at 36,737(+408) on Thursday, as against last day (Wednesday) at 36,329(-345).

-- NSE Nifty50 index was closed today at 10,813(+107) & Nifty Metal at 2,094(+40).

Raw Material

-- Chennai, southern India based furnaces raised melting proportion of sponge iron by around 20% due to low cost as compared to scrap.

-- Silicon Manganese (60-14) offers hovering at INR 61,500-62,000/t EXW-Raipur.

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-- Durgapur based Neo Metaliks has reported deals of over 500t steel grade pig iron at INR 24,500/t ex-plant.

-- Sponge P-DRI offers through the Rashmi Metaliks remained strong and assessed at around INR 16,000-16,100/t FoR Durgapur, sources reported.

-- Raipur based sponge manufacturers have raised sponge P-DRI offers by INR 200-300/t to INR 15,900-16,100/t ex-plant & about 7,000-8,000 t deals reported.

-- Bokaro, Jharkhand based Electrosteels has reported about 2,000-3,000 t steel grade pig iron deals at around INR 24,200/t ex-plant.

-- BIOP Steels in South India is offering FeM 80 & 82 C-DRI lumps at INR 15,300/t & INR 15,600/t EXW & around 1,000 t deals reported in Maharashtra & Karnataka region.

-- BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 14,900-15,000/t ex-Bellary.

Rebar (12 mm)

-- Paras TMT offering at INR 32,300/t EXW Muzaffarnagar.

-- Scan Group (Shrishti TMT) is offering at INR 30,800/t EXW Raigarh.

-- Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 30,000/t EXW Rourkela.

-- Kalika TMT unchanged their offer at INR 32,000/t EXW Jalna.

-- National TMT is offering at INR 33,000/t FoR Ahmedabad.

-- Triple Power keep offers stable at INR 36,000/t EXW Chennai.

-- JR TMT is offering at INR 35,500/t EXW Chennai.

-- Raipur based heavy structure manufacturers have maintained trade discount stable at INR 600-900/t and trade price of 200 Angle is at INR 34,000-34,400/t EXW.

Wire Rod & Pipe

-- Trade discounts in Raipur wire rod drop by INR 200/t to INR 800-1,000/t through the traders & base price up by INR 200/t to INR 31,000/t ex-plant. Also in Durgapur trade reference prices increased by INR 300/t to INR 30,700-31,000/t ex-Durgapur.

-- ERW Pipe manufacturers have decreased offers by INR 100/t to INR 33,000/t ex-Raipur, INR 36,500/t ex-Mandi Gobindgarh & INR 33,300-33,500/t ex-Rourkela.

Reference prices as on 9th Jul'20