Indian DRI, billet and rebar update – 8 Jan

Indian secondary steel market turned to be optimistic and prices have raised up to INR 700/t ($10) today, on d-o-d basis.

As per the assessment, billet prices have gained by INR 100-700/t in most of the locations except in Chennai. However, sponge iron offers fluctuated by INR 100-200/t. In addition to it, rebar prices have fluctuated by INR 100-600/t in major markets, where as prices have moved up by INR 300-400/t in Ahmedabad and Mandi Gobindgarh.

Raw Material

• Karnataka based BMM Ispat offered raw pellets to INR 11,900-12,000/t exw Bellary.

Semi Finished

• Neo Metaliks in Durgapur has maintained steel grade pig iron price firm at INR 36,000/t exw.
• Raipur based sponge P-DRI producers have kept offers at firm level to INR 26,000-26,200/t exw & sufficient deals reported today.
• Visa Steels kept offers unchanged for steel grade pig iron at INR 36,000/t exw Jajpur.
• Raigarh based Singhal Steel offered P-DRI at INR 26,000/t & billet at INR 39,600/t exw.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 26,700/t & billet at INR 39,600/t exw Badtumkela.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,000/t exw Bellary (Down by INR 200/t).
• BMM Ispat decreased offers by INR 200/t for FeM 80 P-DRI lumps to INR 26,800/t exw Bellary

Rebar (12 mm)

• GK TMT offer stable at INR 48,000/t exw Raipur.
• BS TMX TMT offers reported at INR 44,200/t exw Raigarh (Down by INR 200/t).
• Century TMT offers assessed at INR 44,200/t exw Muzaffarnagar (Up by INR 500/t).
• Mono TMT is offering at INR 48,850/t FoR Ahmedabad (Up by INR 300/t).
• Shree OM TMT offer reported at INR 49,400/t exw Jalna.

Wire Rod and Structure

• Trade discounts in Raipur wire rod is hovering at INR 700-800/t & base offers drop by INR 700/t to INR 45,800/t exw. In addition, Durgapur plants raised offer by INR 300/t to INR 46,300/t exw.
• Raipur based heavy structure manufacturers, reduces their base price by INR 500/t to INR 45,000/t, and given trade discount by INR 800-1,100/t, current trade price of 200 Angle is stood at INR 46,700-47,100/t exw.

Reference prices as on 8th Jan’21