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SteelMint | Morning Brief

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BigMint Bureau

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12 May 2021, 07:33 IST

Leading News : Indian billet index hits an all time high on production cuts & rising export demand

Indian steel market continues to witness an optimistic sentiment in the short to medium term. SteelMint's daily billet index (ex-Raipur) increased by 1,000/t on Tuesday to hit an all time high of INR 43,800/t. Indian steel production reported a drop of approx 20% in Apr '21 due to the on going lockdowns and oxygen availability issues. It is expected that the production could fall further in May as smaller mills are reportedly operating at only 40 to 50% capacities mainly due to subdued demand, labour issues, increased working capital requirement and oxygen shortage.

However, with steel and pellet exports fetching a better price realisation, we expect more export parcels to come to the market. It is anticipated that the steel exports are likely to be around 2 mnt (including billets) in May and pellet exports to be over 1 mnt.

In other News/ Trades

SteelMint's domestic pellet index hit a new high of INR 16,400/t DAP Raipur in recent deals. Limited offers for domestic & hike in iron ore prices have boosted pellet offers.
NMDC has announced a price hike of 30% in fines and 10% in lumps w.e.f today.
Odisha's Essel Mining raised iron ore offers upto INR 1,700/t
SteelMint's scrap index inched up by INR 100/t to INR 40,000/t DAP Mandi Gobindgarh on improved semi-finished steel prices.
SteelMint's Indian HRC (SAE 1006) export index currently stands at $1,038/tonne (t) FoB east-coast basis, up $68/t w-o-w.
Vietnam's Formosa lifted monthly HRC list price by $120 and China's Baosteel by $47.
Higher Kanto bids has driven up Japanese domestic scrap prices. Tokyo Steel has also lifted scrap purchase prices by up to JPY 5,000/t ($46) in last two days.