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SteelMint | Morning Brief

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BigMint Bureau

1826 Reads

26 Apr 2021, 09:26 IST

Iron ore & pellets -

SteelMint's weekly index for Odisha iron ore fines (Fe 62%) moved up sharply by INR 700/t to INR 7,800/t (ex-mines, including Royalty, DMF & NMET) following a hike in offers by the leading merchant miners. Limited availability of high-grade ore, continues to keep these price levels supported.
Odisha-based major merchant iron ore mine Serajuddin & Co. has raised iron ore lump offers by INR 300/t from its Balda iron ore block w.e.f 23 Apr '21. The current offer price for lumps 5-18 mm (Fe 63%) has been heard to be at around INR 10,900/t ex-mines (including Royalty, DMF & NMET), SteelMint learned from its sources.
West Bengal Sponge Iron Manufacturers Association has conveyed their request to Govt. of Orissa to instruct JSW Steel for the supply of iron ore from the mines purchased through e-auction held in Feb '21, according to a letter copy received by SteelMint. The letter says that JSW authorities have claimed that govt has restricted them from supplying iron ore from their Nuagaon Iron-Ore Mines.
China - the world's largest consumer and importer of iron ore has recorded Run of Mine (RoM) production of 81.75 mn t in Mar '21, up as against 64.65 mn t in Feb '21, according to the National Bureau of Statistics.

Coal-

The Chinese domestic metallurgical coke market strengthened this week, with the second round of price hike proposed by coking plants, having been accepted by some steel mills. The assessment for domestic met coke with 12.5% ash in North China is currently at CNY 2,220/t ($350.27/t), up CNY 70/t ($12.76/t) from last week.

Scrap & metallics-

SteelMint's domestic steel scrap index has moved down to INR 37,300/t DAP Mandi Gobindgarh. Market sentiments bordered on panic today, considering the exponential increase in COVID cases. This in turn kept buyers away, leading to limited transactions.
Domestic mill scale prices in India have increased this week by upto INR 350/t w-o-w. A western India-based mill is likely to export 25,000t mill scale at around INR 7,100/t FoB, credible sources have reported SteelMint.

Semi-finished steel

SteelMint's daily billet index was assessed to be at INR 41,500/t (-350) exw Raipur on 24th Apr '21, 16:00 IST. The index fell due to weak demand along with uncertainty in future market trends.
Steel Authority of India Limited (SAIL) conducted an auction from its Central India based Bhilai Steel Plant for defective steel products on 22 Apr '21.The bid prices for blooms shot up by INR 1,600/t against the previous auction conducted on 31 Mar '21.

Ferro alloys

Total minerals production by state PSU miner Odisha Mining Corporation (OMC) increased by 5.57% in FY 21 compared to the previous fiscal, despite the pandemic affecting operations in the first couple of quarters. Total production of iron and chrome ore as well as bauxite climbed to 17.12 mn t in FY 21 vis-a-vis 16.22 mn t in FY 20, the company informed in a recent Twitter post.