Indian DRI, billet and rebar update – 14 Jan

Spot billet trades in Indian market remained active especially in central India, however, inquiries were dull for sponge iron & rebar. Due to the festive mood, the markets remained largely inactive in southern, western & northern regions.

As per the daily assessment, sponge iron, billet and rebar prices fell further by INR 100-200/t, whereas a sharp drop in rebar prices was registered in Raigarh by INR 700/t & in billet by INR 600/t in Jalna, d-o-d. Sources believe that trade activities will turn active from the coming week.

Semi Finished

• Induction grade billet export offers to Nepal remain stable at $530-535/t exw Durgapur (equivalent to $555/t CPT Nepal).
• Raipur based sponge P-DRI manufacturers have reduced offers by INR 100/t to INR 25,900/t, however few trades reported at around INR 25,700-25,800/t exw.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 35,700/t exw, however no major inquiries as per officials.
• Visa Steels is offering steel grade pig iron at INR 35,600/t exw Jajpur (Down by INR 200/t).
• Ind Synergy (Raigarh) offered P-DRI at INR 25,500/t & billet at INR 38,800/t exw.
• Raigarh based Singhal Steel offered P-DRI at INR 25,500/t & Billet at INR 38,700/t exw.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 26,100/t & billet at INR 38,900/t exw Badtumkela.
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 39,000/t exw, an official reported.

Rebar (12 mm)

• GK TMT kept offers stable at INR 46,800/t exw Raipur.
• BS TMX TMT offers reported at INR 43,200/t exw Raigarh (Down by INR 700/t).
• Swarup TMT is offering at INR 42,800/t exw Muzaffarnagar.
• Kalika TMT unchanged their offer at INR 48,800/t exw Jalna.
• A one Gold TMT offers reported at INR 48,800/t exw Bellary.

Wire Rod and Structure

• Mid scale mills wire rod export offers declined further by $5/t to around $615-617/t exw Durgapur, equivalent to $640/t CPT Nepal.
• Trade discount in Raipur wire rod is reported at INR 1,200-1,400/t & base offers stable at INR 45,800/t exw. However, trade reference price in Durgapur fell by INR 300/t to INR 45,000-45,200/t exw.
• Raipur based heavy structure manufacturers, kept stable their base price at INR 44,000/t, and maintained trade discount by INR 800-1,100/t, current trade price of 200 mm Angle is at INR 45,700-46,100/t exw.

Reference prices as on 14th Jan’21