Indian DRI, billet and rebar update – 14 May

Spot trades in Indian secondary steel market were dull today and the market has noticed a price correction by upto INR 1,100/t ($15) d-o-d basis.

As per the assessment, domestic semi-finished offers (including sponge iron & billet) have dropped by INR 100-1,100/t in all the locations, however a major fall of INR 1,100/t was registered in billet at Raigarh.

In line with this, rebar market has also seen a downward trend and prices have decreased by INR 100-1,000/t with a major drop of INR  800-1,000/t seen in Durgapur & Raigarh.

Semi Finished

• Induction grade billet export offers drop by $5/t to $590-595/t exw Durgapur, equivalent to $620/t CPT Nepal.
• Neo Metaliks in Durgapur has kept steel grade pig iron offers firm at INR 40,000/t exw.
• Raipur based sponge P-DRI makers have reduced offers by INR 500-700/t to INR 31,700-32,000/t exw, however offers from outside plants were floated at INR 31,400/t FoR Raipur but no major deals reported.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 31,800-31,900/t FoR Raipur. However no deals reported from officials.
• Ind Synergy offered P-DRI at INR 30,500/t & billet at INR 42,800/t exw Raigarh.
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 43,400/t exw Badtumkela.

Rebar (12 mm)

• GK TMT offers unchanged at INR 51,000/t exw Raipur.
• Metalics 550D TMT offers reported at INR 49,500/t exw Sambalpur.
• Shrishtii TMT offers reported at INR 48,300/t exw Raigarh (Down by INR 500/t).
• Rathi Stelmax TMT offers stable at INR 51,500/t exw Delhi/NCR.
• Century TMT is offering at 49,800/t exw Muzaffarnagar (Down by INR 400/t).
• Mono TMT offers stable at INR 52,500/t FoR Ahmedabad.
• Polaad TMT offers unchanged at INR 50,800/t exw Jalna.
• VRKP TMT offers stable at INR 52,000/t exw Banglore.

Wire Rod and Structure

• Trade discounts in Raipur wire rod increased to INR 2,000-2,200/t, following which trade reference price dropped by INR 800/t to INR 47,300-47,500/t. Also, prices in Durgapur fell by INR 1,200/t to INR 48,300-48,500/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 50,000/t, and given trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 51,400-51,800/t exw.

Reference prices as on 14th May’21