Indian DRI, billet and rebar update – 3 Feb

Indian secondary steel market has observed limited trades today and prices have dropped up to INR INR 1,500/t ($21), d-o-d.

As per SteelMint’s assessment, sponge iron and billet prices have fallen by INR 100-700/t across regions. Following the same trend, rebar market has also registered drop in prices by INR 100-500/t with a sharp fall in Bangalore by INR 900/t.

Sources have reported, the prices drop amidst aggressive selling by plants along with falling steel prices in Northern India.

Semi Finished

• Induction grade billet export offers declined by $5-7/t to approx $465/t exw Durgapur, equivalent to $490/t CPT Nepal, via road delivery.
• Neo Metaliks has reduced steel grade pig iron offer by INR 500/t to INR 31,500/t exw & few deals reported by officials.
• Raipur based sponge P-DRI manufacturers have reduced offers by INR 100-200/t to INR 23,200/t exw, however offers through the outside plants floated at around INR 23,000/t on FoR Raipur basis.
• Raigarh based Singhal Steel offered P-DRI at INR 22,000/t & billet at INR 33,000/t exw.
• Visa Steels is offering steel grade pig iron at INR 31,000/t exw Jajpur. (Down by INR 500/t).
• Jajpur, Odisha based sponge supplier sold around 2,000 t FeM 80 C-DRI mix material at around INR 24,100/t FoR Raipur.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 33,200/t exw Badtumkela (Down by INR 300/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 22,700/t exw Bellary (Down by INR 100/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 22,000-22,200/t exw Bellary (Down by INR 200/t).

Rebar (12 mm)

• GK TMT kept offers stable at INR 40,700/t exw Raipur.
• Shrishtii TMT offers reported at INR 38,600/t exw Raigarh (Down by INR 400/t).
• Rathi Stelmax TMT is offering at INR 39,500/t exw Delhi/NCR.
• Wonder Gold TMT offers assessed at INR 37,600/t exw Muzaffarnagar (Down by INR 200/t).
• Vinayak TMT is offering at INR 42,500/t FoR Ahmedabad.
• Kalika TMT unchanged offers at INR 42,300/t exw Jalna.

Wire Rod and structure

• Mid scale mills wire rod export offers down by $5/t to $523-525/t exw Durgapur, equivalent to $550/t CPT Nepal.
• Trade discounts in Raipur wire rod increased to around INR 2,000-2,200/t, following which trade reference price dropped by INR 400/t to INR 36,800-37,200/t exw. Also, in Durgapur price fell by INR 200/t to INR 37,800-38,000/t exw.
• Raipur based heavy structure manufacturers, kept stable their base price at INR 39,500/t and given trade discount by INR 1,000-1,300/t, current trade reference price of 200 mm Angle is at INR 41,200-41,600/t exw.

Reference prices as on 3rd Feb’21