Indian DRI, billet and rebar update – 3 May

Indian secondary steel market has observed a price hike by upto INR 1,000/t ($14) d-o-d basis.

As per the assessment, domestic sponge offers have increased by INR 300-600/t across locations. Also, billet prices have surged by INR 500-1,000 in many regions with a major hike of around INR 900-1,000/t in Raipur & Hyderabad.

In line with this, rebar prices have shoot up by INR 100-700/t, however, offers have moved up sharply by INR 1,000/t in Eastern region (Durgapur).

Raw Material

• Karnataka based BMM Ispat sold around 5,000 t pellets in nearby market at INR 12,200/t exw Bellary.

Semi Finished

• Induction grade billet export offers reported at about $595/t exw Durgapur, equivalent to $620-625/t CPT Nepal.
• Neo Metaliks in Durgapur has slightly raised steel grade pig iron price by INR 100-200/t to INR 38,300-38,400/t exw.
• Raipur based sponge P-DRI makers have raised offers by INR 600/t to INR 29,400-29,500/t exw, however deals reported at INR 29,300-29,400/t on exw & FoR Raipur basis.
• Jharsuguda, Odisha based sponge supplier sold around 1,200 t FeM 80 P-DRI at around INR 29,400-29,500/t FoR Raipur.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 38,000/t exw.
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 42,200/t exw Badtumkela.
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 42,500/t exw Kuarmunda.
• Ind Synergy (Raigarh) offered P-DRI at INR 28,600/t & billet at INR 42,000/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary & around 2,000 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,300/t exw Bellary (Up by INR 200/t).

Rebar (12 mm)

• Metalics 550D TMT offers reported at INR 48,300/t exw Sambalpur (Up by INR 1,000/t).
• Shrishtii TMT offers reported at INR 46,600/t exw Raigarh (Up by INR 800/t).
• Swarup TMT is offering at INR 48,500/t exw Muzaffarnagar (Up by INR 500/t).
• Tri Shakti TMT offers reported at INR 48,500/t exw Durgapur.
• Mono TMT offers stable at INR 49,500/t FoR Ahmedabad.
• Polaad TMT is offering at INR 50,400/t exw Jalna (Up by INR 200/t).
• VRKP TMT offers reported at INR 50,200/t exw Banglore.

Wire Rod and Structure

• Mid scale mills wire rod export offers increased to around $655/t exw Durgapur, equivalent to $680-685/t CPT Nepal.
• Trade discounts in Raipur reported at INR 600-800/t & base offers up by INR 500/t to INR 46,500/t exw. Also prices in Durgapur rose by INR 700/t to INR 47,300-47,500/t, however a few plants were offered at INR 48,000-48,200/t exw, but no deals reported.
• Raipur based heavy structure steel manufacturers, increase the base price of 150 mm channel by INR 500/t to INR 47,700/t, and maintained trade discount at INR 1,100-1,400/t, current trade reference price of 200 mm angle is at INR 49,400-49,700/t exw.

Reference prices as on 3rd May’21