Indian DRI, billet and rebar update – 25 Feb

Indian secondary steel market has noticed mixed trend today as limited spot trades were observed in the Eastern India, however market was supportive in Central India & the prices have increased up to INR 600/t ($8) d-o-d.

According to SteelMint’s assessment, sponge iron prices have moved up by INR 100-300/t, whereas, a slight fall of around INR 100-200/t was registered in Mandi & Raigarh. In line with it, billet & rebar prices increased by INR 100-600/t across major markets.

Raw Material

• BMM Ispat sold around 5,000 t pellets in nearby market at INR 11,300/t exw Bellary.
• Bellary based sponge manufacturer booked around 10,000 t RB2 coal at INR 5,900/t from Mangalore port.
• JSW Ispat Special Products Limited offered 60-14 silico manganese at INR 71,000/t exw Raipur- Officials.

Semi Finished

• Induction grade billet export offers hovering at $510-515/t exw Durgapur, equivalent to $540/t CPT Nepal, via road delivery, however buying inquiries were limited today, as per exporters.
• Durgapur based Neo Metaliks has kept steel grade pig iron offer firm at INR 35,000/t exw.
• Raipur based sponge manufacturers have further raised P-DRI offers by INR 300/t to INR 26,000-26,200/t & sufficient deals reported, while a few plants have closed bookings on expectations of further gain in prices.
• Ind Synergy (Raigarh) offered P-DRI at INR 25,400/t & billet at INR 36,900/t exw.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 36,400/t exw Badtumkela.
• Hare Krishna has offered FeM 79-80 P-DRI lumps at INR 25,500/t exw Bellary. However no major deals reported from officials.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,300/t exw Bellary (Up by INR 100/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,300/t exw Bellary & around 3,000 t deals reported in nearby region.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 41,900/t exw Raigarh (Up by INR 300/t).
• Rana 550 TMT offers reported at INR 42,300/t exw Muzaffarnagar.
• Bajrangbali TMT is offering at INR 41,200/t exw Rourkela.
• Mono TMT is offering at INR 46,000/t FoR Ahmedabad (Up by INR 700/t).
• Kalika TMT is offering at INR 46,200/t exw Jalna (Up by INR 300/t).

Wire Rod and Structure

• Mid scale mills export offers for commercial grade wire rod stable at around $570-575/t exw Durgapur, equivalent to $595-600/t CPT Nepal.
• Trade discounts in Raipur wire rod stood at INR 800-1,000/t & base price up by INR 500/t, following which trade reference price up by INR 700/t to INR 41,000-41,200/t exw. Also, prices in Durgapur surged by INR 300/t to INR 41,300-41,500/t exw.
• Raipur based heavy structure steel manufacturers, increase the base price of 150 mm Channel by INR 300/t to INR 42,000/t, and given trade discount by INR 700-1,000/t, current trade reference price of 200 mm Angle is at INR 43,800-44,200/t exw.

Reference prices as on 25th Feb’21