Indian DRI, billet and rebar update – 25 Mar

Indian secondary steel prices declined further today upto INR 800/t ($11), d-o-d basis.

As per the price assessment, the domestic sponge iron and billet prices have dropped by INR 100-300/t across many locations, except in Central & Southern India, where sellers increased offers by INR 100/t including Raigarh & Chennai. In addition to this, the rebar market has also observed a fall in prices by INR 100-500/t with a major drop of INR 800/t seen in Mumbai.

Trade participants are optimistic about future outlook, however festive mood is yet to make an impact at present.

Semi Finished

• Induction grade billet export offers drop further by around $3/t to $535-537/t exw Durgapur, equivalent to $565/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have reported deals at INR 27,000/t exw, prices unaltered against yesterday trades.
• Neo Metaliks in Durgapur has reported limited inquirires on floated offers at INR 35,500/t exw, for steel grade pig iron.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 27,100/t FoR Raipur.
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 36,000-36,200/t FoR Raigarh.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,600/t exw Bellary. However no major deals reported from officials.

Rebar (12 mm)

• GK TMT kept offers stable at INR 45,400/t exw Raipur.
• BS TMX offers reported at INR 42,400/t exw Raigarh (Down by INR 200/t).
• Metalics 550D TMT offers reported at INR 44,300/t exw Sambalpur.
• Swarup TMT is offering at INR 42,800/t exw Muzaffarnagar (Down by INR 100/t).
• German TMX offers reported at INR 46,300/t FoR Ahmedabad.
• Kalika TMT is offering at INR 46,500/t exw Jalna (Down by INR 700/t).

Wire Rod and Structure

• Mid scale mills wire rod export offers plunge by $10/t to around $580/t exw Durgapur, equivalent to $605-610/t CPT Nepal.
• Trade discount in Raipur wire rod stood at INR 1,100-1,300/t, following which trade reference price dropped by INR 100/t to INR 41,400-500/t exw. Also, prices in Durgapur fell by INR 400/t to INR 42,000-42,200/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 43,000/t, and maintained trade discount at INR 1,100-1,300/t, current trade reference price of 200 mm angle is at INR 44,600-45,000/t exw.

Reference prices as on 25th Mar’21