Indian DRI, billet and rebar update – 29 Dec

Indian spot trades of semi-finished & finished long steel products remained optimistic & the prices have gained up to INR 1,000/t ($14) today.

According to SteelMint’s assessment, billet prices have increased by INR 200-600/t. Inline rebar prices also rallied by INR 100-1,000/t in which a major hike of around INR 800-1,000/t was registered in northern & eastern regions.

However, the sponge iron market was slightly dull on account of improved supply & less inquiries on prevailing offers. Hence prices registered fluctuation of INR 100-300/t, d-o-d.

Semi Finished

• Indian sponge iron export offers hovering at $400/t CPT Benapole, equivalent to $415-420/t CFR Chittagong, Bangladesh.
• Raipur based sponge P-DRI manufacturers have floated offers at INR 26,000-26,200/t, however deals reported at INR 25,800-26,000/t exw.
• Visa Steels kept offers unchanged for steel grade pig iron at INR 35,000/t exw Jajpur.
• Odisha based sponge supplier sold around 1,000 t FeM 80 C-DRI lumps to Jalna (Maharashtra) at around INR 29,200-29,300/t FoR Jalna.
• Hare Krishna has offered FeM 79-80 P-DRI at INR 26,800/t exw Bellary.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,100-27,200/t exw Bellary.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 27,000/t exw Bellary. However no deals reported from officials.

Rebar (12 mm)

• GK TMT offer reported at INR 46,400/t exw Raipur (Up by INR 200/t).
• BS TMX TMT is offering at INR 43,300/t exw Raigarh. (Up by INR 300/t).
• Mono TMT offers stable at INR 48,500/t FoR Ahmedabad.
• Kalika TMT offers assessed at INR 47,900/t exw Jalna (Up by INR 200/t).
• ARS 550 D offers stable at INR 50,300/t exw Chennai.

Wire Rod and Structure

• Trade discounts in Raipur wire rod stable at INR 500-700/t, however trade reference price up by INR 300/t to INR 44,300-44,500/t exw. Also, a sharp surge in prices reported in Durgapur by INR 800-1,000/t to INR 45,300-45,500 exw, size 5.5 mm.
• Raipur based heavy structure manufacturers increased their base price at INR 500/t to 44,000/t, and maintained trade discount at INR 800-1,200/t, current trade price of 200 Angle is at INR 45,900-46,300/t exw.

Reference prices as on 29th Dec’20