Indian DRI, billet and rebar update – 9 Feb

Indian secondary steel market has continued to observe an upward trend today & the prices moved up by up to INR 700/t ($ 10), d-o-d.

As per SteelMint’s price assessment, sponge iron and billet prices have gained up by INR 100-700/t in majority of the markets in which billet prices have increased upto INR 700/t in Gujarat and Jalna. Also, the sentiments in rebar market were supportive and prices rose by INR 100-600/t, whereas in Southern India- Chennai prices dropped by INR 400/t, d-o-d.

Industry sources are expecting, semis prices to remain supportive on account of active demand as well sufficient orders with producers. Since the prices started to gain from the last week-end the producers have bagged good orders, SteelMint learned from market sources.

Raw Material

• BMM Ispat sold around 15,000 t pellets in nearby market at INR 9,900-10,000/t exw Bellary.

Semi Finished

• Indian Induction grade billet export deals reported at around $470/t exw Durgapur, equivalent to $495/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have further raised offers by INR 200-300/t to INR 23,200-23,300/t exw & deals reported on floated offers.
• Neo Metaliks in Durgapur has raised steel grade pig iron offers by INR 400/t to INR 31,500/t exw.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 30,500/t exw Jajpur.
• Bhaskar Steel and Ferro Alloy Ltd offered billet at INR 33,300/t exw Badtumkela. (Up by INR 500/t).
• Raigarh based Singhal Steel offered billet at INR 33,500/t exw (Up by INR 500/t).
• Hare Krishna has offered FeM 79-80 C-DRI lumps at INR 22,600/t exw Bellary.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 22,600/t exw Bellary & around 2,500 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 22,700/t exw Bellary (Up by INR 700/t).

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 38,700/t exw Raigarh (Up by INR 200/t).
• Century TMT is offering at INR 38,700/t exw Muzaffarnagar (Up by INR 700/t).
• Odisha based Rungta TMT offers reported at INR 38,000/t exw Kasira & around 3,000 t deals reported in nearby region.
• A One Gold TMT concluded deals of around 2,300 t at INR 42,800/t exw Bellary.
• Mono TMT offers assessed at INR 42,200/t FoR Ahmedabad (Up by INR 300/t).
• Polaad TMT is offering at INR 42,500/t exw Jalna (Up by INR 500/t).

Wire Rod and Structure

• Mid scale mills wire rod export offers increased by $10/t to $520-525/t exw Durgapur, equivalent to $545-550/t CPT Nepal.
• Trade discounts in Raipur wire rod reduced to INR 1,000-1,200/t, following which trade reference price up by INR 800/t to INR 37,300-37,500/t exw. Also, the price hike recorded in Durgapur by INR 600/t to INR 37,800-38,000/t exw.
• Raipur based heavy structure steel manufacturers, increases the base price by INR 500/t to INR 39,000/t, and given trade discount by INR 700-1,000/t, current trade reference price of 200 mm Angle is at INR 40,900-41,300/t exw.

Reference prices as on 9th Feb’21