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

IF-route rebar market in Raipur, Chhattisgarh saw improved trade on steady offers (INR 51,400/t, d-o-d, size 10-25mm). SteelMint recorded around 6,000 t deals today. Prices, especially in western region, moved down slightly due to poor off-take and less future bookings due to heavy rains. Prices in the region are expected to correct further in the near term.

SteelMint's price assessment for sponge P-DRI (FeM 80%) in Raipur inched down by INR 100/t to INR 33,900/t exw. 3,550 t of FeM 79-80% P-DRI deals were recorded today, 60% of which were concluded by Raigarh and Odisha-based plants at INR 33,900-34,000/t DAP Raipur. Meanwhile, Raipur-based plants sold at around INR 33,700-34,100/t exw basis. Sponge iron supply remains strong from Odisha and Raigarh-based plants which is putting pressure on Raipur producers to lower their offers.

Steel billet prices in China's Tangshan witnessed a rise of RMB 50/t ($7/t) on 8 Aug'22 supported by the hike in rebar futures. Prices stood at RMB 3,760/t ($556/t), inclusive of 13% VAT. According to data maintained with SteelMint, China's SHFE re-bar futures contract for Oct'22 delivery closed today at RMB 4,136/t ($612/t), a sharp increase of RMB 100/t ($15/t) as against the closing on 5 August.