Indian DRI, billet and rebar update – 12 Jan

Indian secondary steel market continued to notice a downward trend and prices have dropped upto INR 900/t ($12) today.

However on falling prices, trades improved, especially in central India, with about 7,000 t of spot trades each in sponge iron & billets being recorded in Raipur by SteelMint.

As per the assessment, sponge iron prices have fallen by INR 100-400/t in major markets. Meanwhile billet prices have also declined by INR 200-400/t with a major fall of INR 500-700/t seen in Mumbai and Hyderabad respectively. Similarly, rebar prices have dropped by upto INR 900/t d-o-d.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,900-12,000/t exw Bellary.
• Monnet Ispat offered 60-14 silico manganese at INR 69,750/t exw Raipur- Officials.

Semi Finished

• Induction grade billet export offers to Nepal is hovering at $535/t exw Durgapur (equivalent to 560/t CPT Nepal).
• Raipur based sponge P-DRI manufacturers have reduced offers by INR 200-300/t to INR 26,000/t, however trades reported at INR 25,800-26,000/t exw.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 35,800/t exw, however no fresh deals, as per officials.
• Aloke Steel Industries (Jharkhand) offered Fem 80 P-DRI lumps at INR 25,000/t exw.
• Ind Synergy (Raigarh) offered P-DRI at INR 25,600/t & billet at INR 39,200/t exw.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 26,100/t & billet at INR 38,800/t exw Badtumkela.
• Hare Krishna has offered FeM 79-80 P-DRI at INR 26,500/t exw Bellary (Down by INR 200/t).
• BMM Ispat decreased offers by INR 300/t for FeM 80 P-DRI lumps to INR 26,500/t exw Bellary. However no deals reported from officials.

Rebar (12 mm)

• BS TMX TMT offers reported at INR 43,800/t exw Raigarh (Down by INR 500/t).
• Century TMT is offering at INR 43,200/t exw Muzaffarnagar (Down by INR 500/t).
• Diamond TMT offer assessed at INR 48,500/t FoR Ahmedabad.
• Polaad TMT is offering at INR 49,200/t exw Jalna (Down by INR 200/t).
• ARS 550 D is offering at INR 52,800/t exw Chennai.
• Shubhlabh TMT offers reported at INR 43,500/t exw Rourkela.

Wire Rod

• Mid scale mills wire rod export offers stood at around $625/t exw Durgapur, equivalent to $650/t CPT Nepal.
• Trade discount in Raipur wire rod is hovering at INR 1,000/t & base offers declined by INR 700/t to INR 45,800/t exw. Also, trade reference price in Durgapur down by INR 500-700/t to INR 45,300-45,500/t exw.
• Raipur based heavy structure manufacturers, reduces their base price by INR 500/t to INR 44,000/t, and given trade discount by INR 900-1,200/t, current trade price of 200 mm Angle is at INR 45,800-46,200/t exw.

Reference prices as on 12th Jan’21