Indian DRI, billet and rebar update – 8 Dec

Indian secondary steel market has registered volatility in sponge iron, billet and rebar prices due to limited spot trades owing to Bharat Bandh.

As per SteelMint’s assessment, sponge iron prices have dropped by INR 50-150/t, whereas, Hyderabad market has seen a marginal hike of INR 200/t. Following the trend, billet prices fluctuated by INR 100-500/t in which a major hike of INR 500/t was observed in Goa and Mumbai.

In context to finished steel, rebar prices have fluctuated by INR 50-700/t with a sharp increase of INR 700/t in Ahmedabad & a downfall of INR 100/t in Raipur, Delhi & Mandi Gobindgarh.

Semi Finished

• Induction grade billet export offers hovering at $495/t exw Durgapur, equivalent to $520/t CPT Nepal.
• Raipur based sponge manufacturers have offered P-DRI at INR 25,100-25,200/t, however few buying inquiries reported at around INR 24,800/t exw.
• Neo Metaliks in Durgapur has traded steel grade pig iron at INR 33,000/t exw, up by INR 200/t, d-o-d.
• Ind Synergy (Raigarh) offered P-DRI at INR 24,500/t exw.
• Rourkela based steel manufacturer sold around 500 t billet to Mandi Gobindgarh at INR 35,300-35,400/t exw and freight cost cited at INR 3,100/t via road.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 25,800/t & billet at INR 35,400/t exw Badtumkela.
• Wada (Maharashtra) based mills sourcing FeM 80 C-DRI lumps from Bellary at around INR 27,300-27,400/t on FoR basis.
• BIOP Steels in South India has kept offers unchanged FeM 80 C-DRI lumps at INR 25,700/t exw Bellary.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 25,500/t exw Bellary & around 1,500 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT offers reported at INR 41,500/t exw Raipur.
• BS TMX TMT is offering at INR 38,700/t exw Raigarh.
• Rathi Stelmax TMT kept offers stable at INR 41,800/t exw Delhi/NCR.
• Vinayak TMT offers assessed at INR 43,400/t FoR Ahmedabad (Up by INR 600/t).
• Polaad TMT unchanged offers at INR 41,400/t exw Jalna (Up by INR 200/t).
• Odisha based Scan TMT offers reported at INR 38,200/t exw Rajgangpur.

Wire Rod

• Mid scale mills wire rod export offers stood at around $550/t exw Durgapur, equivalent to $575/t CPT Nepal, via road delivery.
• Trade discounts in Raipur wire rod stood at INR 800-1,000/t and base offers up by INR 200/t to INR 40,700/t exw. Also, the reference price in Durgapur increased by INR 200/t to INR 40,400-40,600/t exw.
• Raipur based heavy structure manufacturers, unchanged their base price at INR 39,800/t, and maintained trade discount at INR 600-900/t, current trade price of 200 Angle assessed at INR 42,000-42,400/t exw.

Reference prices as on 8th Dec’20