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

Jindal Steel and Power Limited (JSPL) has appointed Mr. Bimlendra Jha as Additional Director and Managing Director of the company for a period of 5 years with effect from 14 Aug'22. The announcement came after Mr. Vidya Rattan Sharma ceased to be Managing Director of the company from close of business hours on 13 Aug'22.

Transactional prices of South African chrome ore concentrates at Chinese ports dipped by around $20/dmt w-o-w as some traders were heard purchasing South African concentrate (40-42%) at $200/dmt after negotiation. However, as a result of the tumbling ferro chrome prices, ferro chrome plants remain cautious on purchases amid weak outlook. According to sources, Turkish concentrates (46-48%) were being offered at around $340-345/dmt, CIF China on 15 August.

China's Shagang Steel has announced a hike of RMB 150/t ($22/t) in scrap purchase prices this week for all grades. After revision, HMS (6-10 mm) prices are at RMB 3,220/t ($474/t) delivered to headquarters, including 13% VAT. Prices are effective from 16 Aug'22. Improved finished steel demand and sales are the reason behind the hike in scrap procurement prices by the company.

Heavy structure steel prices remained stable d-o-d in Raipur today. The current offer for 150mm channel stands at INR 57,000/t exw. Currently market participants are waiting for a clear price direction. Meanwhile producers kept offers stable despite lack of bulk trading as the market were in a holiday mood. However, they offered trade discounts of around INR 1,300-1,500/t.

Steel inventory at key Chinese mills stood at 17.05 mnt in early-August, a m-o-m increase of 0.45 mnt, or 2.73%, as per China Iron and Steel Association (CISA) data. Inventory increased by 5.75 mnt or 50.93% compared with the beginning of this year and up by 2.42 mnt, or 16.61% compared with early-Aug'21.

Average daily crude steel output of CISA-affiliated mills stood at 1.94 mnt in early-August. Average daily finished steel output of key enterprises was 1.942 mnt, up 2.89% m-o-m and up 1.40% y-o-y. Average daily output of pig iron of key mills was 1.79 mnt, up 2.01% m-o-m and down 2.33% y-o-y.

ArcelorMittal Nippon Steel India (AM/NSI) has scheduled an auction for sale of around 24,000 t of crushed fines (Fe56-57%) and 72,000 t (Fe57.5-58.5%) of lumps from its Thakurani mines in Odisha on 17 Aug'22. The floor prices for fines and lumps are INR 1,150/WMT and INR 3,100-3,300/WMT, respectively. Prices are inclusive of royalty, DMF and NMET.