Indian DRI, billet & rebar update- 14th Sep

Indian steel prices declined further today. Semi finished prices (including sponge iron, pig iron & billet) dropped by INR 50-500/t across major markets, following which the rebar prices have also come down by INR 100-500/t.

Trade participants mentioned that selling pressure remained amongst major sponge iron, rebar & billet makers in central & eastern India due to limited demand since last week.

Raw Material

Silicon Manganese (60-14) trades in Raipur is assessed at around INR 61,000/t exw.

Semi Finished

• Indian sponge iron export offers stood at $305-310/t CPT Benapole, equivalent to $325/t CFR Chittagong, Bangladesh.
• Induction grade billet export offers drop further by $2/t to around $403-405/t exw Durgapur, equivalent to $430/t CPT Nepal, via road delivery.
• Raipur based sponge manufacturers have reduced P-DRI offers by INR 300-400/t to INR 19,000-19,100/t exw, however inquiries remained on average basis due to fall in billet prices.
• Visa Steel has reduced offers and reported steel grade pig iron at INR 27,400-27,500/t & sponge C-DRI (mix) at INR 20,400/t exw Jajpur, Odisha.

Rebar (12 mm)

• GK TMT is offering at INR 34,600/t exw Raipur (Down by INR 400/t).
• Rathi Stelmax TMT offers unchanged at INR 36,100 exw Delhi/NCR.
• National TMT is offering at INR 35,700 FoR Ahmedabad.
• Polaad TMT offers at INR 33,500 exw Jalna (Down by INR 800/t).
• JR TMT is offering at INR 35,500/t exw Chennai.

Wire Rod, Pipe & Structure

• Mid scale mills wire rod export offers fell by $2/t to around $443-445/t exw Durgapur, equivalent to $470/t CPT Nepal.
• Raipur based mills reduced price gab from wire rod to HB wire by INR 200/t to INR 2,200/t from earlier INR 2,400/t, due to rising stock on limited demand.
• Trade discount in Raipur wire rod is hovering at INR 1,200-1,400/t & base price declined by INR 500/t to INR 33,800/t exw. Also, in Durgapur trade reference price dropped by INR 300/t to INR 32,500-33,000/t exw.
• Trade discount given by Raipur based heavy structure manufacturers is at INR 1,000-1,300/t and trade price of 200 Angle is at INR 36,100-36,500/t exw.

Reference prices as on 14th Sep’20