Indian DRI, billet & rebar update- 28th Sep

Indian secondary steel market has recorded further decline in prices today on limited inquiries. Sponge iron prices have seen a fall of INR 50-450/t, billet prices by INR 50-500/t and rebar by INR 100-500/t in most of the regions.

The major re-rollers & sponge iron makers in central & eastern India have reported rise in inventories on account of falling spot trades & future bookings.

Raw Material

• Silicon manganese (60-14) offers assessed at around INR 59,500/t exw Raipur.

Semi Finished

• Induction grade billet export offers drop by $10/t to around $385/t exw Durgapur, equivalent to $410/t CPT Nepal, via road delivery.
• Raipur based major sponge manufacturers have reduced P-DRI offers by INR 300/t to INR 18,800-19,000/t exw. However no fresh deals reported due to competitive offers from outside suppliers at INR 18,600-18,700/t FoR Raipur basis.
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 19,200/t exw Jajpur (Down by INR 300/t).
• Hare Krishna has offered FeM 79-80 P-DRI at INR 17,800-18,000/t exw Bellary (Down by INR 200/t).
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 17,900-18,000/t exw Bellary. However no major deals reported from officials.

Rebar (12 mm)

• GK TMT is offering at INR 34,500/t exw Raipur (Down by INR 500/t).
• Shrishtii TMT offers reported at INR 32,500/t exw Raigarh (Down by INR 300/t).
• Rathi Stelmax TMT is offering at INR 35,300/t exw Delhi/NCR.
• Swarup TMT has kept offers at INR 33,400/t (Down by INR 300/t).
• Mono TMT unchanged offers at INR 34,400/t FoR Ahmedabad.
• Kalika TMT unchanged offers at INR 33,500/t exw Jalna.

Wire Rod, Pipe & Structure

• Mid scale mills wire rod export offers fell by $5/t to around $434/t exw Durgapur, equivalent to $460/t CPT Nepal.
• Trade discount in Raipur wire rod stable at INR 1,000-1,200/t, however base price declined by INR 300/t to INR 33,400/t exw. Also, in Durgapur trade reference price dropped by INR 400/t to INR 31,800-32,300/t exw.
• Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 40,500/t exw Hyderabad.
• Trade discount given by Raipur based heavy structure manufacturers is at INR 1,000 -1,400/t, and the current trade price of 200 Angle is stood at INR 36,000-36,400/t exw.

Reference prices as on 28th Sep’20