Indian DRI, billet and rebar update – 10 Mar

Indian secondary steel market remained supported today and the prices have increased upto INR 600/t ($8), d-o-d.

As per SteelMint’s assessment, sponge iron and billet prices have surged by INR 100-600/t across many regions. Also, in finished long, rebar offers have raised by INR 100-400/t in major markets.

Market sources are expecting prices to remain volatile on account of subdued demand, average supply and the fluctuating prices in Punjab, Northern India. This seems to influence producers to slightly change their offers as per buying inquiries.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,500/t exw Bellary.
• Jsw Ispat Special Products Limited offered 60-14 silico manganese at INR 79,000/t exw Raipur- Officials.
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 77,500/t exw.

Semi Finished

• Induction grade billet export offers increased to around $520/t exw Durgapur, equivalent to $545/t CPT Nepal. Also, few parcels have been sold at $516-518/t exw Durgapur, as per trade sources.
• Neo Metaliks has kept steel grade pig iron offers firm at INR 35,700/t & trades reported in the range of INR 35,500-35,700/t exw Durgapur.
• Raipur based sponge P-DRI manufacturers have further raised offers by INR 300/t to INR 27,500/t exw, meanwhile deals from outside suppliers reported at INR 27,200-27,400/t on FoR Raipur.
• Visa Steels concluded deals of around 500 t FeM 80 sponge C-DRI (mix material) in local region at INR 26,600-26,700/t exw Jajpur.
• Jharsuguda, Odisha based sponge supplier sold around 1,000 t FeM 80 P-DRI at around INR 27,100-27,200/t FoR Raipur.
• Rourkela based manufacturer, Mahavir Ferro Alloys offered billet at INR 38,000/t exw (Up by INR 300/t).
• Raigarh based Singhal Steel offered P-DRI at INR 26,500/t & Billet at INR 38,000/t exw.
• Hare Krishna concluded deals of FeM 79-80 C-DRI lumps in local region at INR 25,700/t exw Bellary. Later on offers increased to INR 26,000/t exw.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,700/t exw Bellary (Down by INR 100/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,300-25,400/t exw Bellary & around 1,500 t deals reported in nearby region.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 43,100/t exw Raigarh (Up by INR 300/t).
• Rathi Stelmax TMT is offering at 45,200/t exw Delhi/NCR.
• Century TMT offers reported at INR 42,800/t (Up by INR 300/t).
• Mono TMT is offering at INR 47,500/t FoR Ahmedabad (Up by INR 300/t).
• Polaad TMT unchanged offers at INR 47,200/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers up by $5/t to around $570-575/t exw Durgapur, equivalent to $595-600/t CPT Nepal.
• Trade discounts in Raipur wire rod stood at INR 800-1,000/t & the trade reference price at INR 41,500-41,700/t exw. Meanwhile, offers in Durgapur gain by INR 400/t to INR 41,500-41,800/t exw.
• Trade discount given by Raipur based heavy structural steel manufacturer is at INR 900-1,200/t, and the current trade reference price of 200 mm Angle is at INR 44,800-45,200/t exw.

Reference prices as on 10th Mar’21