Indian DRI, billet and rebar update – 12 Feb

Spot trades in the Indian secondary steel market remained moderate as prices have fallen by up to INR 600/t ($8), d-o-d.

As per SteelMint’s assessment, sponge iron and billet prices have dropped by INR 100-600/t in most of the regions. In line, rebar market has also observed limited inquiries and prices declined by INR 100-500/t in many locations.

Semi Finished

• Indian Induction grade billet export deals reported at around $470-473/t exw Durgapur, equivalent to $495-500/t CPT Nepal.
• Raipur based sponge manufacturers have reduced P-DRI offers by INR 300/t to INR 23,700-23,800/t exw, however deals through outside plants reported at around INR 23,600/t FoR Raipur.
• Neo Metaliks in Durgapur has raised steel grade pig iron offer by INR 500/t to INR 32,500/t exw.
• Bhaskar Steel and Ferro Alloy Ltd offered billet at INR 33,700/t exw Badtumkela.
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 23,500/t exw Jajpur.
• BIOP Steels (South India) has kept FeM 80 C-DRI lumps offers unchanged at INR 23,500/t exw Bellary.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 23,400/t exw Bellary (Down by INR 200/t).

Rebar (12 mm)

• GK TMT kept offers stable at INR 41,800/t exw Raipur.
• BS TMX offers unchanged & reported at INR 38,700/t exw Raigarh (Down by INR 300/t).
• Rathi Stelmax TMT offer concluded at INR 41,000/t exw Delhi/NCR.
• Century TMT is offering at INR 39,000/t exw Muzaffarnagar (Down by INR 500/t).
• Mono TMT is offering at INR 42,450/t FoR Ahmedabad (Down by INR 300/t).
• Rajuri TMT unchanged offers at INR 43,800/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers hovering at $530-535/t exw Durgapur, equivalent to $555-560/t CPT Nepal.
• Trade discounts in Raipur wire rod increased to INR 1,400-1,500/t, following which trade reference price dropped by INR 300/t to INR 38,000-38,200/t exw. Also, the price fell in Durgapur by INR 300/t to INR 38,400-38,600/t exw.
• Raipur based heavy structure steel manufacturers, reduce their base price by INR 500/t to INR 39,500/t, and given trade discount by INR 1,000-1,300/t, current trade reference price of 200 mm Angle is at INR 41,300-41,700/t exw.

Reference prices as on 12th Feb’21