Indian DRI, billet and rebar update – 4 Jan

Indian semi finished steel prices maintained an upward trend as prices have increased upto INR 800/t ($11). Inline finished long steel market was also supportive today.

As per the assessment, sponge iron and billet prices have increased by INR 200-800/t in major locations. Also, rebar prices have moved up by 100-600/t nationwide, however, prices have sharply gone up by INR 800/t in southern India (Hyderabad).

SteelMint learned that participants are dilemma in placing orders at prevailing offers of semis, which have gained sharply, hence trades volumes remain low.

Semi Finished

• Induction grade billet export offers hovering at $560/t exw Durgapur, equivalent to $585/t CPT Nepal, via road delivery.
• Raipur based sponge manufacturers have raised P-DRI offers by INR 300/t to INR 26,600-26,800/t, however few inquiries reported at around INR 26,500-26,600/t exw.
• Raigarh based Singhal Steel offered P-DRI at INR 26,200/t & Billet at INR 40,200/t exw.
• Neo Metaliks in Durgapur has reported steel grade pig iron deals at INR 36,200/t exw.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 35,500/t exw Jajpur.
• Rourkela based manufacturer, Mahavir Ferro Alloys concluded deals of around 1,000 t billet at INR 40,500/t exw.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,000/t exw Bellary.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 27,000/t exw Bellary & around 2,000 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT is offering at INR 47,600/t exw Raipur (Up by INR 200/t).
• BS TMX TMT offers reported at INR 44,500/t exw Raigarh.
• Century TMT offers assessed at 45,800/t exw Muzaffarnagar.
• Mono TMT is offering at INR 49,150/t FoR Ahmedabad (Up by INR 300/t).
• Polaad TMT offers reported at INR 49,400/t exw Jalna (Up by INR 200/t).
• ARS 550 D offers assessed at INR 52,800/t exw Chennai.

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at $650-652/t exw Durgapur, equivalent to $675/t CPT Nepal.
• Trade discounts in Raipur wire rod stood at INR 300-500/t and base offers moved up by INR 600/t to INR 46,800/t exw. Also base prices rose sharply in Durgapur by INR 1,000/t to INR 47,000/t exw.
• Raipur based heavy structure manufacturers, kept stable their base price at INR 45,000/t, and maintained trade discount at INR 700-1,000/t, current trade price of 200 Angle is at INR 46,900-47,300/t exw.

Reference prices as on 4th Jan’21