Prices, Indexes, Data, Insights & Intelligence for Commodity Markets

CR busheling scrap prices rose up to INR 300/t in Punjab due to shortage of material. Meanwhile, prices in Chennai and Jalna, Maharashtra, fell by INR 400-700/t on account of the decline in semi-finished steel prices. CR busheling scrap offers are assessed at INR 42,900-43,300/t in Mandi Gobindgarh, INR 42,300-42,700/t in Ludhiana, INR 40,300-40,700/t in Jalna and INR 45,100-45,500/t in Chennai on a DAP basis.

China's steel inventory edged down by 1% to 13.93 mnt today as against 14.12 mnt a week ago, as per Lange Steel. Stocks of HRC, CRC and plates inched up by 2%, 1% and 1% w-o-w to 2.44 mnt, 1.37 mnt and 1.15 mnt respectively. Stocks of rebar and wire rods dropped by 3% each w-o-w to 7.21 mnt and 1.75 mnt respectively.

Sponge iron, PDRI (FeM 80%), prices in Karnataka's Bellary fell by INR 250/t and CDRI prices declined by INR 100/t on 27 May'22. PDRI deals of around 2,800 t were confirmed at INR 31,000-31,400/t exw against offers at INR 31,500/t exw. About 2,200 t of CDRI deals were reported at INR 31,800-32,000/t exw. Sponge iron demand is slow as buyers are expecting further price correction.

Raipur-based steel wire rod manufacturers cut prices today by INR 500/t to INR 50,500/t exw. After the price revision recovery was observed in buying enquiries and deals in the spot market along with an uptick in semi-finished steel prices in the northern region, which kept the wire rod market supported and buyers remained active. Trade discounts hovered around INR 1,500/t.