OfBusiness Secondary TMT Dailies

6th May’23

Price

• The secondary TMT market remained dull and prices declined by Rs. 500/t before stabilizing. Market participants are awaiting for primary mill’s price revision announcement for this month.
• The last operated prices of secondary TMT are as follows:
  • Raipur: Rs. 48,000-48,500/ton (down by Rs. 500/ton)
  • Hyderabad: Rs. 52,800-53,200/ton (same)
  • Delhi: Rs. 52,000/ton (down by Rs. 500/ton)
  • Ahmedabad: Rs. 52,400/ton (down by Rs. 500/ton)
  • Jalna: Rs. 51,900/ton (down by Rs. 500/ton)

Demand and Supply

• The secondary rolling mills along with primary producers are currently running plants at 90% capacity, however, the market is experiencing sluggish growth as buyers are deferring their purchases in anticipation of reduced prices.

News

• In light of the European Union’s carbon tax proposals, the steel ministry held a meeting with industry stakeholders to address the potential impact of the carbon border adjustment mechanism (CBAM) on India’s metal exports, specifically iron, steel, and aluminum products to the EU.

OFB’s Opinion

• Due to the money crunch and increasing inventory levels at plants, the mills are expected to reduce prices during the month. Prices are projected to decrease within the range of Rs. 500-1000/ton in the spot market.