Indian DRI, billet & rebar update- 1st Sept

The Indian secondary steel market has observed fluctuation in prices today. Sponge iron prices fell by INR 100-300/t in major markets. Also, billet prices declined by INR 100-350/t in most of the locations, however, it surged up by INR 200-300/t in western & southern regions.

In addition to it, rebar prices fell slightly by INR 100-200/t in majority of  the markets.

Semi Finished

• Induction grade billet export offers declined by $3/t (d-o-d) to around $410-412/t exw Durgapur, equivalent to $435-437/t CPT Nepal, via road delivery.
• Raipur based major sponge manufacturers have roll-over P-DRI offers at INR 20,100-20,200/t, however few inquiries reported at less price of INR 20,000/t exw.
• Ind Synergy (Raigarh) offered P-DRI at INR 19,700/t & billet at INR 29,800-29,900/t exw.
• Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 20,200/t exw.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 29,000/t exw & limited inquiries reported due to drop in billet prices.
• BIOP Steels in Karnataka has kept offers unaltered; offering FeM 80 & 82 C-DRI lumps at INR 19,200/t & INR 19,600/t exw.
• BMM Ispat increased offers by INR 200/t for FeM 80 P-DRI lumps to INR 19,400-19,500/t exw Bellary. However no deals reported from officials.

Rebar (12 mm)

• GK TMT offers stable at INR 35,000/t exw Raipur.
• Radhe TMT has kept offers unchanged at INR 32,900/t exw Raigarh.
• Rathi Stelmax TMT is offering at INR 36,200/t exw Delhi/NCR (Up by INR 300/t).
• Mono TMT is offering at INR 35,900/t FoR Ahmedabad (Up by INR 400/t).
• Kalika TMT has unaltered offers at INR 34,200/t exw Jalna.

Wire Rod & Pipe

• Mid scale mills wire rod export offers to Nepal unaltered at around $452-454/t exw Durgapur, equivalent to $475-480/t CPT Nepal.
• Trade discount in Raipur wire rod increased by INR 500/t to INR 1,000-1,200/t & base price unchanged at INR 33,700/t exw. Also, in Durgapur trade reference price of wire rod drop to around INR 33,500-33,800/t exw.
• ERW Pipe manufacturers have kept offers at firm level to INR 35,500/t exw Raipur, INR 38,500/t exw Mandi Gobindgarh & INR 35,500-35,700/t exw Rourkela.

Reference prices as on 1st Sept’20