OfBusiness TMT Dailies | 7th July 2023

Price

• The current prices set by primary producers are as follows:
  • Ex-Mumbai: Rs. 51,000-51,500/ton
  • Ex-Delhi NCR: Rs. 51,500-52,000/ton
  • Ex-Vizag: 50,000-50,500/ton
• The above prices offered by companies directly to the institutions and corporate buyers and retail prices are Rs. 1,000/ton more than the above mentioned prices. GST 18% extra.
• The market opened today with the same rates as yesterday’s closing. The current operating prices for secondary TMT in some regions are as follows:
  • Ex-Raipur: Rs. 46,800/ton
  • Ex-Delhi: Rs. 50,800/ton
  • Ex-Ahmedabad: Rs. 49,150/ton
  • Ex-Mandi Gobindgarh: Rs. 51,600/ton

Demand and Supply

• The increasing demand for secondary TMT, coupled with low market prices and smooth supply from primary mills and distributors, is creating a positive upward trend in the market. Plants have ample stock and efficient rolling plans to meet urgent supply requirements.

News

• JSW Steel reported an 11% year-on-year growth in consolidated crude steel production for the first quarter of the financial year 2023-24. Over the past three decades, it has transformed from a single manufacturing unit to a prominent integrated steel company with a capacity of 29.7 MTPA in India and the USA (including joint control capacities). Its future expansion plans in India aim to increase the total capacity to 38.5 MTPA by FY25.

OFB’s Opinion

• With lower prices compared to the previous month, demand for material from primary producers in the regions is expected to grow. Negotiations for larger volumes indicate a progressive market in terms of demand and supply. Secondary TMT manufacturers offer stable pricing, attracting buyers with low rates and smooth supply.