Indian DRI, billet and rebar update – 6 Jan

Indian semi finished and finished long steel market has observed limited inquiries and prices have fallen by INR 100-800/t (upto $11) today.

As per the assessment, sponge iron and billet prices have declined by INR 100-700/t. While, rebar prices have dropped by INR 100-400/t nationwide, however, prices have sharply decreased by INR 700-800/t in Delhi and Muzaffarnagar (northern India).

Trade sources in major markets mentioned that the prices have slightly weakened since a couple of days as buyers remained cautious on booking material at prevailing offers. In addition to it is also learned that sponge iron availability has remained sufficient, especially in central & eastern India.

Semi Finished

• Induction grade billet export offers fall by $5-10/t to $550-555/t exw Durgapur, equivalent to $575-580/t CPT Nepal, via road delivery.
• Raipur based sponge manufacturers have kept P-DRI offers stable at INR 26,500-26,800/t, however few bids reported at around INR 26,300-26,400/t exw.
• Raigarh based Singhal Steel offered P-DRI at INR 26,100/t & Billet at INR 39,800/t exw.
• Neo Metaliks in Durgapur has maintained steel grade pig iron price firm at INR 36,200/t exw, meanwhile no major inquiries, as per officials.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 35,800/t exw Jajpur. Later on offers increased to INR 36,000/t exw.
• Aryan Ispat & Power Pvt Ltd offered FeM 80 C-DRI at INR 27,000/t exw Sambalpur.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 27,200/t & billet at INR 39,700/t exw Badtumkela.
• BIOP Steels in South India has kept offers unchanged FeM 80 C-DRI lumps at INR 27,200/t exw Bellary.
• BMM Ispat has concluded deals of around 1,500 t FeM 80 P-DRI lumps at INR 27,000/t exw Bellary.

Rebar (12 mm)

• GK TMT offers stable at INR 48,000/t exw Raipur.
• BS TMX TMT offers reported at INR 44,400/t exw Raigarh (Down by INR 300/t).
• Mono TMT is offering at INR 48,850/t FoR Ahmedabad (Down by INR 300/t).
• Polaad TMT unchanged offers at INR 49,400/t exw Jalna.
• ARS 550 D offers assessed at INR 52,800/t exw Chennai.

Wire Rod and Structure

• Mid scale mills wire rod export offers drop by $5/t to $645/t exw Durgapur, equivalent to $670/t CPT Nepal, however no fresh deals reported as buyers looking further lower offers.
• Trade discounts in Raipur wire rod two fold to INR 1,000-1,200/t and base offers stable at INR 47,000/t exw. However, in Durgapur base prices fell by INR 500/t to INR 46,500/t exw.
• Raipur based heavy structure manufacturers, kept stable their base price at INR 45,500/t and give trade discount by INR 900-1,200/t, current trade price of 200 Angle is at INR 47,300-47,700/t exw.

Reference prices as on 6th Jan’21