Indian DRI, billet and rebar update – 15 Jan

Indian secondary steel market has observed further fall in prices today and prices have declined upto INR 1,300/t ($18), d-o-d.

As per SteelMint’s assessment, sponge iron and billet prices have dropped by INR 200-900/t in many locations & a major price fall in billet was seen in central & northern India by INR 800-900/t. Also, rebar prices plunged by INR 200-1,300/t with a sharp fall of INR 1,300/t observed in Raipur.

Sources reported, amid aggressive selling by manufacturers, the prices drop rigorously.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,900-12,000/t exw Bellary.
• Monnet Ispat offered 60-14 silico manganese at INR 69,000/t exw Raipur- Officials.

Semi Finished

• Induction grade billet export offers to Nepal drop by $10-15/t to $520-523/t exw Durgapur (equivalent to $545/t CPT Nepal) & few deals reported by suppliers.
• Raipur based sponge P-DRI manufacturers have reduced offers by INR 200/t to INR 25,700-25,900/t exw, however few trades reported at INR 25,500-25,600/t on exw & FoR basis.
• Monnet Ispat has offered sponge P-DRI at INR 25,700/t exw Raipur.
• Raigarh based Singhal Steel offered billet at INR 38,000/t exw (Down by INR 700/t).
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 25,500/t & billet at INR 38,300/t exw Badtumkela.

Rebar (12 mm)

• GK TMT is offering at INR 46,500/t exw Raipur(Down by INR 300/t).
• BS TMX TMT offers reported at INR 42,800/t exw Raigarh (Down by INR 400/t).
• Rathi Stelmax TMT offers assessed at INR 44,750/t exw Delhi/NCR.
• Paras TMT is offering at INR 42,500/t exw Muzaffarnagar (Down by INR 300/t).
• Diamond TMT offer reported at INR 48,300/t FoR Ahmedabad.
• Kalika TMT is offering at INR 48,600/t exw Jalna (Down by INR 200/t)

Wire Rod and Structure

• Mid scale mills wire rod export offers fall by $10/t to $605-610/t exw Durgapur, equivalent to $630-635/t CPT Nepal.
• Raipur based heavy structure manufacturers, kept stable their base price at INR 44,000/t, and maintained trade discount by INR 900-1,200/t, current trade price of 200 mm Angle is at INR 45,700-46,100/t exw.
• Trade discount in Raipur wire rod is reported at INR 1,600-1,800/t & base offers fall by INR 500/t to INR 45,300/t exw. Also, trade reference price in Durgapur fell by INR 500/t to INR 44,300-44,500/t exw.

Reference prices as on 15th Jan’21