Indian DRI, billet and rebar update – 8 Apr

Indian secondary steel market remained dull today and prices have dropped by upto INR 600/t ($8) d-o-d basis.

As per SteelMint’s assessment, the domestic sponge iron and billet prices have declined by INR 100-600/t in most of the locations. In line with this, the rebar market has also observed a downfall of INR 100-300/t in major markets.

The trades have slowed down, following strict measures announced by the government to keep a check on rising covid cases in the country. In the Central India (Raipur) the trade sources stated, upcoming lockdown for 10 days may further put pressure on steel prices as lifting of material likely to remain slow.

Semi Finished

• Raipur based sponge P-DRI manufacturers have slightly lower offers at INR 30,000/t exw, however deals reported mostly from outside plants at around INR 29,500-29,700/t FoR Raipur.
• Induction grade billet export offers hovering at $555/t exw Durgapur, equivalent to $580-585/t CPT Nepal.
• Neo Metaliks has reported steel grade pig iron deals at around INR 39,000-39,200/t exw Durgapur.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 29,700/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,000/t exw Bellary.
• BIOP Steels in South India has kept FeM 80 C-DRI lumps offers unchanged at INR 28,500/t exw Bellary.

Rebar (12 mm)

• GK TMT offers stand at INR 47,800/t exw Raipur (Down by INR 300/t).
• Shrishtii TMT offers reported at INR 45,500/t exw Raigarh (Down by INR 300/t).
• Metalics 550D TMT offers reported at INR 47,000/t exw Sambalpur (Down by INR 500/t).
• Rathi Stelmax TMT is offering at INR 47,900/t exw Delhi/NCR.
• Gallantt TMT is offering at 49,700/t exw Gorakhpur.
• Aseem Shakti TMT is offering at INR 46,000/t exw Muzaffarnagar.
• Tri Shakti TMT offers reported at INR 45,000/t exw Durgapur.
• Vinayak TMT offers reported at INR 48,500/t FoR Ahmedabad.
• Polaad TMT offers unchanged at INR 48,800/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers stood at $615/t exw Durgapur, equivalent to $640-645/t CPT Nepal.
• Trade discount in Raipur wire rod reported at INR 1,500-1,700/t & base offers drop by INR 500/t to INR 46,000/t exw. Also, trade reference prices in Durgapur fell by INR 400/t to INR 45,200-400/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 46,000/t, and maintained trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 47,400-47,800/t exw.

Reference prices as on 8th Apr’21