Indian DRI, billet and rebar update – 10 Feb

Spot steel trades in Indian secondary steel market were supportive today and prices have moved upto INR 1,000/t ($14), d-o-d.

The prices of sponge iron and billet have gained by INR 300-1,000/t in many locations with a major increase of INR 700-1,000/t in billet in Central & Eastern India. Also, rebar prices rose by INR 200-800/t having a sharp hike of 1,000/t in the Eastern region, Durgapur.

Raw Material

• BMM Ispat sold around 10,000 t pellets in nearby market at INR 9,900-10,000/t exw Bellary.

Semi Finished

• Indian Induction grade billet export deals reported at around $480/t exw Durgapur, equivalent to $505/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have further raised offers by INR 600-800/t to INR 23,900-24,000/t exw, however deals reported at INR 23,600-23,800/t on exw & FoR basis.
• Neo Metaliks in Durgapur has further raised steel grade pig iron offer by INR 500/t to INR 32,000/t exw.
• Bhaskar Steel and Ferro Alloy Ltd offered billet at INR 34,000/t exw Badtumkela. (Up by INR 700/t).
• Raigarh based Singhal Steel offered billet at INR 34,200/t exw (Up by INR 700/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 23,100/t exw Bellary & around 2,000 t deals reported in nearby region.

Rebar (12 mm)

• BS TMX offers reported at INR 38,500/t exw Raigarh (Up by INR 300/t).
• Rathi Stelmax TMT is offering at INR 41,000/t exw Delhi/NCR (Up by INR 500/t).
• Century TMT offers concluded at INR 39,500/t exw Muzaffarnagar (Up by INR 800/t).
• Mono TMT is offering at INR 42,450/t FoR Ahmedabad (Up by INR 300/t).
• Polaad TMT is offering at INR 43,000/t exw Jalna (Up by INR 500/t).
• Shakambhari TMT offers reported at INR 39,700/t exw Purulia.

Wire Rod and Structure

• Mid scale mills wire rod export deals concluded with increase in offers by $10-15/t to $535/t exw Durgapur, equivalent to $570/t CPT Nepal.
• Trade discounts in Raipur wire rod reduced & base offers up by INR 1,000/t, following which trade reference price up by INR 1,500/t to INR 38,700-39,000/t exw. Also, the price hike recorded in Durgapur by INR 1,200/t to INR 38,800-39,000/t exw.
• Raipur based heavy structure steel manufacturers, increases the base price by INR 1,000/t to INR 40,000/t, and given trade discount by INR 800-1,200/t, current trade reference price of 200 mm Angle is at INR 41,800-42,200/t exw.

Reference prices as on 10th Feb’21