Indian DRI, billet & rebar update- 24th Sep

Today, Indian domestic sponge iron prices fell by INR 100-350/t. Whereas billet prices have seen a movement of INR 50-300/t in most of the locations on average trade inquiries.

Moreover, rebar prices have also dropped in few locations, in which the Hyderabad market registered a fall of INR 500/t (d-o-d), while a slight fluctuation of INR 100-200/t was registered in remaining markets.

Raw Material

• Silicon manganese (60-14) prices stable on day trades at INR 59,500-60,000/t exw Raipur.
• Karnataka based BMM Ispat kept offers unaltered for raw pellets to INR 7,700/t exw.

Semi Finished

• Induction grade billet (100*100 mm) export offers stable at $394-396/t exw Durgapur, equivalent to $420-422/t CPT Nepal, via road delivery.
• Raipur based sponge manufacturers have slightly reduced P-DRI offers by INR 100/t to INR 19,000-19,200/t exw. However, demand remains weak as only about 1,500-2,000 t deals reported by 3-4 plants.
• Steel grade pig iron prices fell further by INR 100-200/t in eastern region due to limited demand and fresh offers stood at INR 27,400-27,600/t exw Durgapur.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 29,200/t exw.
• Visa Steels concluded deals of around 200-300 t steel grade pig iron at INR 27,000-27,100/t exw Jajpur.
• East India, Odisha based manufacturer, Mahavir Ferro Alloys offered billet (125×125 mm) at INR 29,500/t exw.
• Hare Krishna has offered FeM 79-80 P-DRI at INR 18,300/t exw Bellary, an official reported.
• BMM Ispat decreased offers by INR 300/t for FeM 80 P-DRI lumps to INR 18,200/t exw Bellary & only 1,000 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT has unchanged offers at INR 35,000/t exw Raipur.
• Shrishtii TMT offers reported at INR 32,900/t exw Raigarh (Up by INR 100/t).
• Century TMT is offering at INR 34,000/t exw Muzaffarnagar (Up by INR 100/t).
• Diamond TMT has kept offers at INR 35,200 FoR Ahmedabad.
• Shree OM TMT is offering at INR 33,700 exw Jalna.

Wire Rod, Pipe & Structure

• Durgapur based mid scale mills wire rod (5.5 mm) export offers hovering at $440/t exw, equivalent to $465-468/t CPT Nepal.
• Trade discount in Raipur wire rod dropped by INR 200/t to INR 800-1,000/t, however base price remains firm at INR 33,700/t exw. Also, in Durgapur trade reference price stable at INR 32,500-32,800/t exw.
• Trade discount given by Raipur based heavy structure manufacturers is maintained at INR 800-1,200/t, and the current trade price of 200 Angle is stood at INR 36,200-36,600/t exw.

Reference prices as on 24th Sep’20