Indian DRI, billet and rebar update – 4 Dec

Indian secondary steel market has registered a fluctuation in sponge iron and billet prices, however, rebar prices have remained supported today.

As per SteelMint’s assessment, sponge iron prices have dropped by INR 50-200/t, whereas, Bellary & Mandi region has seen a marginal hike of INR 100-300/t respectively. Following the trend, billet prices fluctuated by INR 50-300/t in which a slight hike of INR 300/t was observed in Chennai.

In context to finished steel, rebar prices have increased by INR 100-500/t with a major hike of INR 500/t in Muzaffarnagar.

Raw Material

• Karnataka based BMM Ispat offered raw pellets to INR 11,400/t exw Bellary.
• Singhal Steel, Raigarh based manufacturer has kept offer unchanged for 60-14 silico manganese at INR 61,500/t exw.
• Monnet Ispat offered 60-14 silico manganese at INR 61,250/t exw Raipur – Officials.

Semi Finished

• Induction grade billet export offers stable at around $488-490/t exw Durgapur, equivalent to $515/t CPT Nepal.
• Neo Metaliks has further raised steel grade pig iron price by INR 500/t to INR 32,000/t exw Durgapur, however material availability limited, as per officials.
• Raipur based sponge producers have offered P-DRI at INR 25,300/t, however no major deals reported, while majority of buying interest assessed at around INR 25,000/t exw.
• Monnet Ispat has offered sponge DR-CLO grade at INR 27,200/t & P-DRI at INR 25,200/t exw Raipur.
• Raigarh based Singhal Steel offered P-DRI at INR 24,500/t & billet at INR 35,000/t exw.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 25,600/t exw Bellary & around 1,000 t deals reported in nearby region.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 38,500/t exw Raigarh.
• Rathi Stelmax TMT kept offers stable at INR 41,800/t exw Delhi/NCR.
• Mono TMT is offering at INR 42,600/t FoR Ahmedabad (Up by INR 100/t).
• Polaad TMT unchanged offers at INR 41,200/t exw Jalna.
• ARS 550 D offers reported at INR 45,300/t exw Chennai.

Wire Rod and Structure

• Mid scale mills wire rod export offers hovering at $545-550/t exw Durgapur, equivalent to $570-575/t CPT Nepal.
• Trade discounts in Raipur wire rod up by INR 200/t to INR 900-1,100/t, however base offers remain unchanged at INR 40,500/t exw. Also, offers in Durgapur stable at INR 40,200-40,500/t exw.
• Raipur based heavy structure manufacturers, unchanged their base price at INR 40,100/t, and maintained trade discount at INR 500-800/t, current trade price of 200 Angle assessed at INR 42,200-42,600/t exw.

Reference prices as on 4th Dec’20