Indian DRI, billet and rebar update – 21 Jan

Spot trades in the Indian secondary steel market remained moderate as prices continued to decline further up to INR 1,600/t ($22), d-o-d.

According to SteelMint’s assessment, sponge iron and billet prices have dropped by INR 200-1,500/t in most of the regions and a major price fall in billet was observed in Mumbai and Hyderabad by INR 1,000-1,500/t. Following it, rebar prices have declined upto INR 1,600/t with a sharp fall of INR 1,000-1,600/t being registered in western and southern regions (Mumbai, Jalna and Hyderabad).

Semi Finished

• Raipur based sponge P-DRI manufacturers have further reduced offers by INR 400-500/t to INR 24,000/t exw, however traes improved as around 6,000 t confirmed deals reported through the manufacturers.
• Neo Metaliks in Durgapur has kept steel grade pig iron offers firm at INR 34,500/t exw, however no major deals, as per officials.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 34,000/t exw Jajpur.
• Raigarh based Singhal Steel offered billet at INR 35,500/t exw (Down by INR 700/t).
• BMM Ispat decreased offers by INR 700/t for FeM 80 P-DRI lumps to INR 23,600/t exw Bellary.

Rebar (12 mm)

• BS TMX offers reported at INR 40,000/t exw Raigarh (Down by INR 1,000/t).
• Rathi Stelmax TMT kept offers stable at INR 43,000/t exw Delhi/NCR.
• Paras TMT is offering at INR 40,600/t exw Muzaffarnagar. (Down by INR 600/t).
• Vibrant TMT offers assessed at INR 45,300/t FoR Ahmedabad.
• Kalika TMT is offering at INR 45,500/t exw Jalna (Down by INR 1,500/t).
• ARS 550 D offers reported at INR 51,800/t exw Chennai.

Wire Rod and Structure

• Mid scale mills wire rod export offers hovering at $560/t exw Durgapur, equivalent to $585/t CPT Nepal. Meanwhile, yesterday few trades reported at $570-575/t exw, through a couple of manufacturers in Durgapur.
• Trade discount in Raipur wire rod stands at INR 1,400-1,600/t & base offers at INR 41,000/t exw. Also, trade reference prices in Durgapur down by INR 1,000/t to INR 41,000/t exw.
• Raipur based heavy structure manufacturers, reported their base price at INR 41,800/t, and given trade discount by INR 900-1,200/t, current trade price of 200 mm Angle is at INR 43,700-44,000/t exw.

Reference prices as on 21st Jan’21