Rebar & Billet prices of mid scale mills in the central region increased by INR 200-400/MT. However in other locations prices remained firm, as per SteelMint’s daily assessment.
Participants mentioned that, with improved lifting of Billet & Rebars, some shortage in availability was reported with plants in major supplying regions. Thus this has resulted in price hike, specifically in central India like Raipur & Raigarh.
Rupee & BSE Sensex
— On 30th Apr’20 (Thursday) INR to USD exchange rate stood at INR 75.22
— BSE Sensex closed at 33,717 (+997) Thursday (30th Apr’20) as against last day (Wednesday) 32,720 (+605).
— NSE Nifty50 index was closed today at 9,859 (+306) & Nifty Metal at 1,859 (+136).
Secondary steel market update –
Raipur: Rebar offers increased by INR 400-500/MT to INR 32,000/MT, while trades reported close to INR 31,600/MT and lowest range observed at INR 31,200-300/MT EXW.
Factors that pushed up prices are limited material availability at manufacturers end as most rolling mills are yet to resume operations and trade associates needed immediate delivery.
— Heavy structure base offers were marginally up by INR 200/MT and reported at INR 31,000/MT and trade discounts inched down by INR 100-200/MT to INR 300-700/MT and 200 Angle offers assessed at INR 33,300-33,600/MT EXW.
— While, medium & light structure basic prices remained almost in the same range at around INR 25,500/MT and 100/50 Channel offers assessed at INR 29,500-600/MT, EXW.
— Real Ispat has increased GK TMT offers by INR 300/MT to INR 34,000/MT, EXW.
— Wire rod base offers remain unchanged at INR 30,000/MT, although deals assessed at INR 28,800-29,000/MT EXW. Meanwhile, GI Wire (12 G) offers maintained at INR 39,000-39,200/MT & BINDING Wire (20 G) at around INR 37,500/MT EXW.
— Billet offers increased to INR 26,100-200/MT FoR basis from Raigarh (advance payment) & also in local Raipur based plants it rallied to INR 26,000-26,200/MT EXW on next day payment.
— Silicon Manganese (60-14) deals by a trade participant was reported at around INR 66,000/MT EXW.
— Sponge P-DRI offers down by INR 300/MT to INR 15,600-700/MT EXW.
Raigarh: The sponge manufacturers have kept P-DRI offers unaltered to INR 15,000/MT EXW, however buying interest was reported near to INR 14,700-14,800/MT EXW. Billet offers increased slightly by INR 300/MT to INR 25,400-500/MT EXW.
— Billet deals were learned at INR 26,100/MT FoR Raipur from Raigarh based manufacturers.
— Scan Group branding (Shrishti TMT) offers are at INR 30,800/MT EXW (up by INR 100/MT).
— Raigarh Iron is offering P-DRI at INR 15,000/MT & C-DRI at INR 16,000/MT EXW.
— As per Ingot/billet manufacturers, steel grade pig iron is offered by traders at around INR 23,500/MT EXW.
Durgapur: The offers remain steady in Kharagpur with limited inquiries and reported for Rebar at INR 30,000-30,100/MT, Wire rod at INR 29,400-29,500/MT & Billet at INR 25,500/MT.
Rourkela: The sponge manufacturers are offering C-DRI mix material at INR 15,500/MT EXW, offers fell by INR 300/MT as against the last day. While Billet offers remain the same at INR 25,200/MT EXW.
— Bajrangbali Steel Industries has kept unchanged Rebar & ERW Pipe offers at INR 31,300-500/MT & INR 32,000/MT EXW.
— In SAIL’s Rourkela Steel Plant tender held today (30th Apr’20) for sale about 3,000 MT steel grade pig iron, received no response. The base price for the tender was quoted by RSP at INR 25,600/MT EXW. and entire material remained unsold.
Muzaffarnagar: Old dispatches are clearing and limited fresh deals were reported. Fresh orders with full advance payment only, are being given priority at the moment, as stated by suppliers.
— Sarvottam Rolling Mill (Paras TMT) is offering Rebar at INR 32,500/MT EXW.
Hyderabad: Most of the manufacturers are working to fire its engine in a day or two.
Bellary: BMM Ispat, a renowned sponge manufacturer has offered FeM 80 P-DRI lumps at INR 16,400-16,500/MT ex-Bellary & only 800-1,000 MT deals reported in nearby markets.
— Also added deals of around 10,000 MT pellets at INR 6,200-6,300/MT (ex-plant) in the last 2-3 days.
Mumbai: Today also no offers for Ingot and Billet, however in Rebar as per few traders price is hovering at INR 34,200/MT EXW.
— Structure offers for 25*25 Angle stood at INR 36,800/MT and for 40*40 Angle at INR 34,800/MT EXW.
Jalna: Market still remains closed with no fresh deals & offers.
Ahmedabad: Alang Ship breaking yards offering limited scrap in the market i:e; Melting & Attachment along with few other sizes. Melting stands at INR 21,500-600/MT & Attachment registered at INR 22,500-600/MT, Ex-Yard.
— Bhavnagar based few mills offering Ingot at around INR 28,000/MT, Whereas sufficient quantity in Billet concluded at INR 28,000/MT FoR, as shared by SteelMint sources.
— Trade price of Rebar unchanged at INR 33,400-33,900/MT FoR.
— Shreeyam Power & Steel Industries Ltd. (National TMT) has kept Rebar offer unchanged at INR 34,200/MT FoR.
— Mono Steel India Ltd. (Mono TMT) is offering Rebar at INR 33,400/MT FoR.
Note: The prices mentioned above for Rebar at 12-25mm, Wire rod at 5.5mm & Billet of 100*100mm.