Indian DRI, billet & rebar update- 26th Oct

The Indian secondary steel market has observed a slight fluctuation in billet & rebar offers by INR 50-300/t today. However sponge iron prices have increased by INR 50-300/t in many locations due to supply concerns and tight raw material availability.

Central & western India markets remained active in terms of trades, however markets in eastern & southern India remained inactive due to festive season. Sources believe with re-opening of major markets from tomorrow onwards, trade volumes will pick up.

Raw Material

• Silicon manganese (60-14) prices remain stable at INR 58,500/t exw Raipur.
• BMM Ispat located in Bellary, Karnataka sold around 10,000 t pellets in nearby market at INR 8,700/t in the last day.

Semi Finished

• Major sponge P-DRI producers in Raipur reported sufficient deals on floated offers of INR 21,000-21,200/t exw.
• In central India, a Raigarh based sponge manufacturer has concluded deals of around 2,000 t sponge P-DRI at INR 21,100-21,300/t FoR Raipur.
• Billet deals reported at INR 31,200-31,300/t FoR Raipur from Raigarh based manufacturers.
• Ind Synergy (Raigarh) offered billet at INR 30,700/t exw (Up by INR 200/t).
• Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 21,200/t exw.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 20,300/t exw Bellary.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 20,200/t exw.

Rebar (12 mm)

• Shrishtii TMT kept offers unchanged & reported at INR 33,900/t exw Raigarh.
• Rathi Stelmax TMT offers stable at INR 37,400/t exw Delhi/NCR.
• Vibrant TMT unaltered offers at INR 38,400/t FoR Ahmedabad.
• Kalika TMT offer remains firm at INR 35,500/t exw Jalna.
• ARS 550 D is offering at INR 38,300/t exw Chennai.
• Triple Power offers rebar at INR 36,000/t exw Chennai.

Wire rod & Structure

• Trade discounts in Raipur wire rod remains firm at INR 1,000-1,200/t along with base offers at INR 35,100/t exw.
• Trade discount given by Raipur based heavy structure manufacturers is at INR 1,000-1,200/t, current trade price of 200 Angle stood at INR 37,800-38,200/t exw.

Reference prices as on 26th Oct’20