Indian DRI, billet and rebar update – 25 May

Spot trades in Indian secondary steel market remained dull today and prices have declined by up to INR 1,000/t ($14) on a d-o-d basis.

As per the assessment, Indian semi-finished steel offers (including sponge iron & billet) have fallen by INR 100-1,000/t with a major fall of INR 1,000/t seen in billet at Ahmedabad, Bhavnagar & Hyderabad.

In context to finish long, the rebar prices have also decreased by INR 100-800/t in all the markets, with a major drop seen in Muzaffarnagar by INR 800/t on a d-o-d basis.

Industry sources expect that prices may remain under pressure due to slight selling pressure with sponge makers in Central & Eastern regions and subdued demand for finished steel products.

Semi Finished

• Induction grade billet export offers stood at $565-570/t exw Durgapur, equivalent to $595/t CPT Nepal. However demand remains poor, as per participants.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 38,500/t exw & few deals reported by officials.
• Sponge P-DRI prices declined in Raipur by INR 400/t to INR 28,800-29,000/t exw, however deals reported at around INR 28,700/t on exw & FoR basis.
• Jharkhand based manufacturer offered billet at INR 41,400/t & sponge C-DRI mix (60:40) at INR 29,500/t exw Ramgarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,400/t exw Bellary (Down by INR 100/t).

Rebar (12 mm)

• GK TMT offer stable at INR 48,500/t exw Raipur.
• Rathi Stelmax TMT is offering at INR 49,050/t exw Delhi/NCR (Down by INR 700/t).
• Century TMT is offereing at INR 47,500/t exw Muzaffarnagar (Down by INR 700/t).
• Mono TMT is offering at INR 50,200/t FoR Ahmedabad (Down by INR 200/t).
• Kalika TMT offer stable at INR 50,200/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers hovering at $630/t exw Durgapur, equivalent to $655-660/t CPT Nepal.
• Trade discounts for wire rod in Raipur stands at INR 2,300-2,500/t & base price drop by INR 700/t to INR 46,300/t exw. Also, prices in Durgapur fell by INR 700/t to INR 45,000-45,300/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 47,000/t and given trade discounts by up to INR 1,500/t. Current trade reference prices of 200 mm angle are at INR 48,500-48,800/t exw.

Reference prices as on 25th May’21