Indian DRI, billet and rebar update – 10 Dec

Indian spot steel trades remain on average basis as billet prices fluctuate on day trades, while rebar & sponge iron prices dropped further in major locations.

As per daily assessment, sponge iron prices have fallen by INR 100-300/t, while billet prices fluctuated in the same range. Meanwhile, rebar prices dropped by INR 100-400/t, however in Goa and Chennai prices moved up by 100-300/t & in Ahmedabad by INR 600/t, d-o-d.

Semi Finished

• Induction grade billet export offers hovering at $490/t exw Durgapur, equivalent to $515/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have further lower offers to INR 24,500-24,600/t exw, however after few deals the plants hold offers due to higher bids in NMDC Iron ore auction.
• Neo Metaliks in Durgapur reported steel grade pig iron deals at INR 33,300-33,400/t exw.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local market at INR 31,700/t exw Jajpur.
• Ind Synergy (Raigarh) offered P-DRI at INR 24,100/t exw (Down by INR 300/t).
• BIOP Steels in South India has kept offers unchanged FeM 80 C-DRI lumps at INR 25,700/t exw Bellary.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 25,500/t exw Bellary & around 1,000 t deals reported in nearby region.

Rebar (12 mm)

• Sagar TMT is offering at INR 39,200/t exw Raipur.
• BS TMX TMT offers reported at INR 38,900/t exw Raigarh.
• Century TMT offers assessed at INR 39,400/t exw Muzaffarnagar.
• Diamond TMT offers reported at INR 44,900/t FoR Ahmedabad (Up by INR 600/t).
• Kalika TMT kept offers stable at INR 41,500/t exw Jalna.
• VRKP TMT is offering at INR 43,100/t exw Bangalore.

Wire Rod and Structure

• Mid scale mills wire rod export offers stood at $550-555/t exw Durgapur, equivalent to $575-580/t CPT Nepal.
• Trade discounts in Raipur wire rod is hovering at INR 500/t & base offers drop by INR 500/t to INR 40,200/t exw. Also offers in Durgapur down by INR 400/t to INR 40,000-40,200/t exw.
• Raipur based heavy structure manufacturers, reduces their base price by INR 200/t to INR 39,600/t, and maintained trade discount at INR 600-900/t, current trade price of 200 Angle stood at INR 41,700-42,100/t exw.

Reference prices as on 10th Dec’20