- HRC trade prices rise by up to INR 1,700/t
- Billet prices increase by INR 600-1,500/t
The domestic steel market saw a positive trend in prices during week 13 (17 March-22 March 2025), as semi-finished prices moved up by INR 600-1,500/tonne (t). Finished steel demand improved, which influenced prices to a certain degree in the semis and raw materials segments.
Iron ore, pellet
- At the latest auction from the Odisha Mining Corporation (OMC), which offered 2.344 million tonnes (mnt) of iron ore (1.324 mnt of fines and 1.02 mnt of lumps, Fe 51-65%) on 20 March, around 1.286 mnt of fines and 0.991 mnt of lumps were booked at INR 3,700-5,500/t and INR 5,600-7,900/t ex-mines, respectively. Weighted average bids rose by INR 200/t for fines and INR 100/t for lumps against last month. OMC had increased base prices by around INR 200-300/t m-o-m for fines, while those for lumps were raised by INR 750/t. Tight availability of iron ore amid expired environmental clearance (EC) limits led to active response from buyers.
- BigMint’s bi-weekly domestic pellet (Fe63%) index increased by INR 250/t w-o-w to INR 10,100/t ($117/t) DAP Raipur on 21 March 2025. In the last week, deals for around 105,000 t of pellets (Fe62/63%) were concluded by Raipur-based steelmakers. Raipur-based plants increased their pellet offers by INR 200/t to INR 9,900-10,000/t exw in the middle of the week.
- BigMint’s India pellet (Fe 63%, 3% Al) export index (FOB east coast) remained stable w-o-w at $96/t on 21 March. The Indian low-grade iron ore fines (Fe 57%) export index remained firm w-o-w at $62/t FOB east coast, India, on 20 March. The export market continued to be under pressure amid weak market sentiments, as inquiries were lower for Indian material, and a bid-offer disparity was witnessed in the market.
Coal
- Portside South African coal prices in India remained stable w-o-w, supported by sponge iron tags and lower import shipments. RB2 (5500 NAR) rose by INR 50/t to INR 8,450/t exw-Gangavaram, while RB3 (4800 NAR) held steady at INR 7,100/t exw.
- Thermal coal stocks at Indian ports dropped by 2% w-o-w to 11.83 mnt in week 11 of CY’25. Export offers from South Africa fell, with RB2 down $1.5/t to $76/t FOB and RB3 at $58.5/t FOB.
- Domestic coal prices in India fell w-o-w due to sufficient supply and lower auction bids. The 4,500 GCV grade coal dropped by INR 100/t to INR 4,500/t exw-Bilaspur, while 5,000 GCV coal declined by INR 250/t to INR 5,100/t exw-Bilaspur.
- Domestic met coke prices in India held steady w-o-w amid slow trade activity. BigMint assessed blast furnace grade (25-90 mm) coke at INR 34,500/t exw-Jajpur and INR 32,300/t exw-Gandhidham.
Ferrous scrap
- India’s imported scrap market witnessed a gradual pick-up in activity this week, especially in the western region, supported by improved finished steel sales and better sentiment after the safeguard duty announcement. Buyers showed renewed interest in UK/Europe-origin shredded scrap, driving deals up to $385/t CFR, marking a 2% increase from last week.
- Rising global offers, particularly from Europe, along with supply tightness driven by US tariffs, pushed prices higher across shredded, HMS, and PNS grades. While buyers remained price-sensitive, those with immediate needs secured short-transit cargoes. However, high freight costs and the availability of cheaper alternatives such as sponge iron limited broader interest in imported scrap.
- Approximately 25,500-26,500 t of imported scrap were booked this week across various grades. This included around 7,000-8,000 t of HMS 80:20, transacted at $352-370/t CFR. Additionally, 6,500-7,000 t of shredded scrap were sold at $384-387/t CFR, while 3,700-4,000 t of PNS scrap changed hands at $375-390/t CFR. About 1,000-2,000 t of turning scrap were booked at $340-350/t CFR, alongside 1,500-2,000 t of HMS 1 at $375-387/t CFR. The rest of the volume comprised smaller lots of LMS bundle mix, HMS bundle mix, busheling scrap, tin can shredded, and HMS-PNS mix.
Ferro alloys
- Silico manganese: Indian silico manganese prices were largely steady w-o-w with a slight decline of INR 200/t ($2/t) to INR 71,300-72,900/t ($829-848/t) in the key regions of Durgapur, Raipur, and Vizag. This stability is primarily attributed to routine trades and the steady flow of demand within the market.
- Ferro manganese: Indian ferro manganese (HC 70%) prices were largely steady w-o-w at INR 75,680/t ($880/t) exw in Durgapur, inching down by INR 45/t ($1/t). However, prices exw-Raipur inched up by INR 40/t ($0.45/t) to INR 75,640/t ($880/t). Prices were largely stable, as market activities remained steady.
- Ferro silicon: Indian ferro silicon prices inched down by INR 725/t ($8/t) w-o-w to INR 98,875/t ($1,150/t) exw-Guwahati. Prices also dropped by INR 400/t ($5/t) in Bhutan to INR 99,200/t ($1,153/t) exw. Prices edged down, primarily due to an imbalance between bids and offers.
- Ferro chrome: Indian high-carbon ferro chrome (HC 60%, Si: 4%) prices were largely stable with slight decline of INR 550/t ($6/t) w-o-w to INR 100,800/t ($1,172/t) exw-Jajpur. Prices were steady, with most market participants awaiting the results of OMC’s chrome ore auction and closely monitoring the unfolding market dynamics.
- Additionally, OMC’s chrome ore auction saw limited buying interest, with only 24,500 t sold out of the 115,000 t offered. Bids dropped by 1-26% (INR 129-7,966/t) m-o-m for most grades.
- Moreover, Vedanta-FACOR’s ferro chrome auction closed at INR 98,700-99,500/t ($1,148-1,157/t) exw for 10-150 mm material, reflecting a decline of INR 1,300/t ($15/t) from the 7 March auction.
Semi-finished
- Indian semi-finished steel prices showed an uptrend, as per BigMint’s assessment. Domestic billet prices in almost all key locations increased by INR 600-1,500/t, with the sharpest increase of INR 1,500/t seen in the Chennai region. However, sponge iron prices also showed an uptrend, with almost all key locations seeing a rise of INR 50-1,250/t. The highest increase of INR 1,250/t was seen in the Ramgarh market.
- Indian direct reduced iron (DRI) export offers increased by $6/t for CPT Raxaul to $354/t, while CPT Benapole offers increased by $22/t to $363/t.
- Tata Metaliks has increased prices of foundry-grade pig iron by INR 1,000/t ($12/t) due to tight supply and robust demand. Post-revision, prices stood at INR 40,000/t ($463/t) exw-Kharagpur. These prices are applicable for the Kolkata and Howrah markets.
- NMDC’s steel plant in Nagarnar, Chhattisgarh, conducted an auction for 20,000 t of steel-grade pig iron (for road transport) on 18 March. Out of the total quantity, 17,000 t were booked at a base price of INR 34,000/t. At the previous auction, of the 10,000 t on offer, 2,500 t were booked at the base price of INR 34,500/t.
Finished long steel
- IF rebar: India’s induction furnace (IF) route finished long steel prices recorded an increase w-o-w, driven by strong buying activity. Bulk procurement was observed, with rising demand from both retailers and the project segment. Additionally, support from firm raw material prices and speculation around the safeguard duty proposal further boosted market sentiment.
- Smooth lifting of previously booked material brought inventory levels down to 7-8 days, lower than the usual 8-10 days. Given these factors, manufacturers raised their offers while limiting discounts. Mills also reported a high backlog of previous orders awaiting delivery. Considering the prevailing market conditions, participants anticipate further price increases in the near term.
- On a w-o-w basis, rebar prices surged by INR 800-1,900/t across regions, as per BigMint’s assessment.
- The trade reference price of Fe 500 grade rebar manufactured via the IF route for 10-25 mm size was assessed at INR 44,800-45,200/t exw-Raipur, INR 48,900-49,500/t exw-Jalna.
- The trade reference price of heavy structural steel for the base size 150 mm channel stood at INR 46,000-46,500/t exw-Raipur.
- Trade reference prices of wire rods hovered at INR 45,500-46,000/t ex-Raipur.
- BF rebar: Trade-level blast furnace (BF) rebar prices rose w-o-w, following a hike by major primary steel producers. Additionally, limited material availability in the distribution channel also led to higher offers. Major private steel mills increased rebar prices by INR 500-750/t this week.
- Current week’s rebar prices (12-32 mm) in the trade segment rose by INR 600/t w-o-w to INR 55,000/t exy-Mumbai. Prices are exclusive of GST at 18%.
- In the projects segment, prices rose w-o-w to around INR 53,500-54,500/t FOR Mumbai basis.
Flat steel
- Trade-level hot-rolled coil (HRC) offers surged by up to INR 1,700/t w-o-w to INR 49,400-52500/t across domestic markets. Cold-rolled coil (CRC) prices increased by up to INR 1,000/t w-o-w, settling at INR 55,000-58,800/t following the recommendation of a 12% safeguard duty on flat steel imports for a period of 200 days.
- Additionally, market sentiment was influenced by reports suggesting that mills are planning to raise their list prices by INR 1,000-1,500/t in the coming week, accompanied by a reduction in price support measures.
- MSMEs and other buyers are expressing concerns over the increasing cost of raw materials. This uptrend is projected to directly inflate their production costs, thereby diminishing their capacity to compete effectively in the market.
- India’s bulk imports of HRCs and plates touched 2,00,685 t on 17 March, according to vessel line-up data with BigMint. An additional 35,344 t are expected to arrive by the end of this month.
- BigMint’s India (SAE1006) export index, for the Middle East and Vietnam, registered no change w-o-w, maintaining a level of $495/t FOB. However, Indian HRC suppliers re-engaged with the European Union (EU) after India secured an exemption from the provisional anti-dumping duties levied by the European Commission (EC). In Vietnam, a preference for domestically sourced HRC was observed among buyers, despite the trend of increasing mill prices.
Article From Bigmint
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