Indian DRI, billet and rebar update – 12 Apr

Spot trades in Indian secondary steel market were supportive today and prices have risen by upto INR 1,000/t ($13) on d-o-d basis.

According to the price assessment, the domestic sponge iron and billet prices have increased by INR 100-1,000/t in all the major markets with a sharp increase of INR 700/t in sponge iron seen in Durgapur & INR 900-1,000/t observed in billet at North, West and Southern India respectively.

Inline with this, the rebar offers were also rose by up by INR 100-800/t across the regions, however a major hike of around INR 800/t was noticed in Raigarh (Central India).

Semi Finished

• Induction grade billet export offers stood at $550-555/t exw Durgapur, equivalent to $580/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have raised offers by INR 200/t to INR 29,500/t exw, however deals learned at around INR 29,400/t exw & FoR basis.
• Neo Metaliks has kept steel grade pig iron price firm at INR 39,000/t exw, however inquiries remain limited, as per officials.
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 40,500/t exw (Up by INR 700/t).
• Jharsuguda, Odisha based sponge supplier sold around 1,300 t FeM 80 P-DRI at around INR 29,400/t FoR Raipur.
• Jajpur based, Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 38,400/t exw & offered FeM 80 sponge C-DRI (mix material) at INR 29,100/t exw.
• Raigarh based Singhal Steel offered billet at INR 40,500/t exw (Up by INR 500/t).
• Ind Synergy (Raigarh) offered P-DRI at INR 28,600/t & billet at INR 40,400-40,500/t exw.
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 40,800/t exw Badtumkela.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,500/t exw Bellary. However no major deals reported from officials.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,600/t exw Bellary.

Rebar (12 mm)

• GK TMT is offering at INR 47,700/t exw Raipur (Up by INR 300/t).
• Shrishtii TMT offers reported at INR 45,700/t exw Raigarh (Up by INR 400/t).
• Metalics 550D TMT offers reported at INR 46,500/t exw Sambalpur (Up by INR 100/t).
• Tri Shsakti TMT offers reported at INR 46,000/t exw Durgapur.
• Rana 550 TMT is offering at INR 46,000/t exw Muzaffarnagar (Up by INR 500/t).
• Someshwar TMT offers reported at INR 48,500/t FoR Ahmedabad.
• Kalika TMT is offering at INR 49,200/t exw Jalna (Up by INR 400/t).

Wire Rod and Structure

• Mid scale mill wire rod export offers hovering at $610/t exw Durgapur, equivalent to $635-640/t CPT Nepal.
• Trade discount in Raipur is reported at INR 500-700/t & base price increased to INR 46,200/t exw. Also, trade reference price in Durgapur up by INR 700/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 45,500/t, and given trade discount at INR 600-900/t, current trade reference price of 200 mm angle is at INR 47,500-47,900/t exw.

Reference prices as on 12th Apr’21