Indian DRI, billet and rebar update – 19 Mar

Indian secondary steel market remained less supportive and limited trades were noticed today. Prices have declined by upto INR 500/t ($7), d-o-d basis.

According to the assessment, the domestic sponge iron and billet offers have dropped by INR 100-400/t in major markets, however, the market sentiments were little supportive in Eastern, Western & Southern India and prices marginally increased by INR 100-300/t. Also, rebar prices have fallen by INR 100-500/t, except in Chennai where offers increased by INR 200/t.

Market sources expect semis prices to remain volatile due to moderate demand and a modest future bookings among producers.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,400/t exw Bellary (Down by INR 100/t).
• Bhavnagar based ingot manufacturers received Raipur silico manganese offers at INR 90,000/t FoR.

Semi Finished

• Induction grade billet export offers stood at $535-540/t exw Durgapur, equivalent to $565/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have kept offers firm at INR 27,200-27,400/t exw, however deals learned at around INR 27,000-27,200/t on exw & FoR basis.
• Neo Metaliks in Durgapur has unchanged offers for steel grade pig iron at INR 35,500-35,600/t exw.
• Jajpur, Odisha based sponge manufacturer sold around 700 t C-DRI mix material to Mandi Gobindgarh at INR 27,100/t exw and freight cost cited at INR 3,300/t via road.
• Jharsuguda, Odisha based sponge supplier sold around 1,000 t FeM 80 P-DRI at around INR 27,000/t FoR Raipur.
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 38,400/t exw Badtumkela.
• Ind Synergy (Raigarh) offered P-DRI at INR 26,200/t & billet at INR 37,900/t exw.
• Jharkhand based sponge iron manufacturer offered FeM 78 C-DRI mix (60:40) at INR 26,800/t exw chailma.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,200/t exw Bellary (Down by INR 400/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,000/t exw Bellary (Down by INR 200/t).

Rebar (12 mm)

• GK TMT offers unchanged at INR 45,400/t exw Raipur.
• Shrishtii TMT offers reported at INR 42,700/t exw Raigarh (Down by INR 200/t).
• Metalics 550D TMT offers reported at INR 44,500/t exw Sambalpur (Down by INR 300/t).
• Aseem Shakti TMT is offering at INR 43,500/t exw Muzaffarnagar.
• Vinayak TMT offer reported at INR 46,300/t FoR Ahmedabad.
• Polaad TMT kept offer stable at INR 47,200/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at $590-595/t exw Durgapur, equivalent to $620/t CPT Nepal.
• Trade discounts in Raipur wire rod increased to INR 1,100-1,300/t, following which trade reference price went down by INR 300/t to INR 41,500-41,700/t exw. Also, prices in Durgapur declined by INR 200/t to INR 42,400-42,600/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm Channel at INR 43,000/t, and given trade discount by INR 1,100-1,400/t, current trade reference price of 200 mm Angle is at INR 44,500-44,900/t exw.

Reference prices as on 19th Mar’21