Indian DRI, billet & rebar update- 15th Oct

Indian secondary steel market reported a slight fall in inquiries, hence there was a fluctuation in price range today by INR 100-300/t in sponge iron, billet & rebars in major locations.

Industry sources are expecting prices to remain volatile in the secondary market amid fluctuating finished steel demand. However primary players continue to keep offers unchanged.

Raw Material

• BMM Ispat located in Bellary, Karnataka sold around 5,000 t pellets in nearby market at INR 8,400/t.

Semi Finished

• Induction grade billet export offers drop by $2-3/t to $406-408/t exw Durgapur, equivalent to $430-435/t CPT Nepal, via road delivery.
• Raipur based sponge manufacturers have kept P-DRI offers firm at INR 19,800-20,000/t, however no fresh deals reported due to drop in billet prices along with sufficient availability with furnaces.
• Ind Synergy (Raigarh) offered P-DRI at INR 19,600/t & billet at INR 29,800/t exw.
• Neo Metaliks in Durgapur has rolled-over prices of steel pig iron at INR 28,000-28,100/t exw.
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 20,000/t exw Jajpur.
• BMM Ispat increased offers by INR 400/t for FeM 80 P-DRI lumps to INR 19,800-19,900/t exw Bellary & around 1,500 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT is offering at INR 35,800/t exw Raipur (Up by INR 200/t).
• Shrishtii TMT offers reported at INR 33,800/t exw Raigarh.
• Rathi Stelmax TMT unchanged their offers at INR 37,400/t exw Delhi/NCR.
• Century TMT offers reported at INR 34,700/t exw Muzaffarnagar (Down by INR 300/t).
• Mono TMT is offering at INR 35,800/t FoR Ahmedabad (Up by INR 300/t).
• Shree OM TMT kept offers at INR 34,900/t exw Jalna.

Wire Rod & Structure

• Mid scale mill wire rod export offers dropped to around $455/t exw Durgapur, equivalent to $480/t CPT Nepal.
• Trade discounts in Raipur wire rod up by INR 200/t to INR 1,000-1,200/t, however base price remained firm at INR 34,600/t exw. Also in Durgapur trade reference price declined by INR 200/t to INR 33,500-33,800/t exw.
• Raipur based heavy structure manufacturers increase the offer price by INR 300/t and given trade discount by INR 900-1,200/t, and current trade price of 200 Angle is stood at INR 37,100-37,500/t exw.

Reference prices as on 15th Oct’20