Indian DRI, billet and rebar update – 20 Apr

Spot trades in Indian secondary steel market remained dull today and the prices have declined up to INR 2,000 ($ 27) d-o-d.

According to the SteelMint’s assessment, domestic sponge iron and billet prices have fallen by INR 200-2,000/t, with a major drop in billet prices seen at INR 1,800-2,000/t in Western India, followed by around INR 1,000/t in Central & Southern India.

In addition to it, the rebar market has seen a downfall up to INR 2,000/t, with major fall of INR 1,000-2,000/t in Central & Western regions & by INR 200-800/t in remaining locations.

Trade participants reported that, with falling prices finished steel demand also remained weak, this seems the major factor behind rigorous drop in offers through the mid sized plants.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 12,500/t exw Bellary.

Semi Finished

• Induction grade billet export offers drop to around $540-545/t exw Durgapur, equivalent to $565-570/t CPT Nepal.
• Sponge P-DRI price further dropped in Raipur by INR 500/t to INR 29,500/t exw and few deals reported at INR 29,300-500/t on exw on FoR Raipur basis.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 38,800/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 29,500/t FoR Raipur.
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 39,300-39,500/t FoR Raigarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700/t exw Bellary (Down by INR 100/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,300-29,500/t exw Bellary.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh.
• Metalics 550D TMT offers reported at INR 47,000/t exw Sambalpur (Down by INR 1,500/t).
• Rathi Stelmax TMT offer stable at INR 49,500/t exw Delhi/NCR.
• Vibrant TMT is offering at INR 50,250/t FoR Ahmedabad (Down by INR 800/t).
• Kalika TMT is offering at INR 51,000/t exw Jalna (Down by INR 2,000/t).
• ARS TMT(Fe 550 D) offer reported at INR 55,000/t exw Chennai.

Wire Rod and Structure

• Trade discount in Raipur wire rod is hovering at INR 1,700/t & base offers fall by INR 1,000/t to INR 46,500/t exw. Also, prices in Durgapur went down by INR 800/t to INR 45,000-45,200/t exw.
• Mid scale mills wire rod export offers reported at $605-610/t exw Durgapur, equivalent to $635/t CPT Nepal.
• Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm channel by INR 500/t to INR 46,900/t, and given trade discount at INR 1,000-1,300/t, current trade reference price of 200 mm angle is at INR 48,600-49,000/t exw.

Reference prices as on 20th Apr’21