Indian DRI, billet & rebar update-9th Nov

Indian secondary steel market has recorded further drop in price range due to limited spot trades. As per daily assessment, sponge iron prices have seen a fall of INR 100-500/t & billet prices fell by INR 200-600/t in many locations. In addition to it, rebar prices have also noticed a downfall of around INR 100-550/t in many regions.

Sources mentioned that the prices are falling due to slowdown in trades owing to festive season. Trade sources are hopeful of a rebound in prices with renewed buying in coming days, taking into consideration hike in finished steel prices of primary mills.

Raw Material

• Karnataka based BMM Ispat kept raw pellet offers unaltered at INR 9,800/t exw Bellary.
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 59,500/t exw.

Semi Finished

• Indian sponge iron export offers hovering at $330/t CPT Benapole, equivalent to $345/t CFR Chittagong, Bangladesh.
• About 3,000 t Induction grade billet export deals reported at $430-432/t exw Durgapur, equivalent to $455/t CPT Nepal, via road delivery.
• Raipur based sponge producers have offered P-DRI at INR 22,500-22,700/t exw & total of around 2,000 t deals reported by 3-4 plants.
• Ind Synergy (Raigarh) offered P-DRI at INR 21,800/t & billet at INR 31,800/t exw.
  Raigarh based Singhal Steel offered billet at INR 32,000/t exw.
• Neo Metaliks in Durgapur has maintained steel grade pig iron price firm at INR 30,500-30,600/t exw & sufficient trades reported by officials.
• Visa Steels offering steel grade pig iron at INR 29,500/t exw Jajpur.
• Mahavir Ferro Alloys offered billet at INR 31,800/t exw Rourkela.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 22,300/t exw Bellary.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 22,000/t exw Bellary & around 1,000 t deals reported in nearby region.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 34,900/t exw Raigarh (Down by INR 600/t).
• Swarup TMT is offering at INR 35,800/t exw Muzaffarnagar (Down by INR 200/t).
• Rathi Stelmax TMT is offering at INR 38,100/t exw Delhi/NCR (Down by INR 700/t).
• Mono TMT kept offer stable at INR 39,500/t FoR Ahmedabad.
• Rajuri TMT unchanged offers at INR 37,700/t exw Jalna.
• Tirumala (Fe 550) offers rebar at INR 40,000/t exw Chennai.
• ARS 550 D offers reported at INR 40,500/t exw Chennai.

Wire Rod & Structure

• Mid scale mills wire rod export offers stood at $485-490/t exw Durgapur, equivalent to $515/t CPT Nepal.
• Trade discounts in Raipur wire rod up by INR 200/t to INR 1,000-1,200/t, also base price dropped by INR 500/t to INR 36,300/t exw. In addition, a sharp price fall reported in Durgapur by INR 600-800/t to INR 35,800-36,300/t exw.
• Raipur based heavy structure manufacturers, reduce the base price by INR 300/t and maintained trade discount at INR 700-1,000/t, current trade price of 200 Angle is at INR 39,100-39,500/t exw.

Reference prices as on 9th Nov’20