Indian DRI, billet and rebar update – 9 Apr

Indian secondary steel market continued to see a decline in offers today and the prices have dropped upto INR 1,000/t ($13) d-o-d basis.

As per SteelMint’s assessment, the domestic sponge iron and billet prices have dropped by INR 100-1,000/t in many regions with a major fall of INR 1,000/t being noticed in Central, Eastern and Southern markets.

Also, the trades in rebar market were dull today and offers have fallen by INR 100-600/t across locations, however, a sharp fall of INR 800/t was registered in Raigarh, Central India.

Raw Material

• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 89,000-89,500/t exw.

Semi Finished

• Induction grade billet export offers down by $15/t to around $540/t exw Durgapur, equivalent to $570/t CPT Nepal.
• Sponge P-DRI prices in Raipur drop sharply by INR 700/t & deals reported mostly from outside plants at around INR 29,000/t FoR Raipur.
• Neo Metaliks has lowered steel grade pig iron offer by INR 200/t to INR 39,000/t exw Durgapur.
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 40,000/t exw Rourkela.
• Raigarh based Singhal Steel offered P-DRI at INR 28,400/t exw (Down by INR 400/t).
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 39,800/t exw Badtumkela.
• BIOP Steels in South India has kept FeM 80 C-DRI lumps offers unchanged at INR 28,500/t exw Bellary.

Rebar (12 mm)

• GK TMT offer stands at INR 47,400/t exw Raipur (Down by INR 400/t).
• Shrishtii TMT offers reported at INR 45,000/t exw Raigarh (Down by INR 500/t).
• Metalics 550D TMT offers reported at INR 46,400/t exw Sambalpur (Down by INR 600/t).
• Rathi Stelmax TMT is offering at INR 47,100/t exw Delhi/NCR (Down by INR 750/t).
• Aseem Shakti TMT offers reported at 45,500/t exw Muzaffarnagar (Down by INR 500/t).
• Someshwar TMT offers reported at INR 48,400/t FoR Ahmedabad.
• Kalika TMT offers unchanged at INR 48,800/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at $595-600/t exw Durgapur, equivalent to $625-630/t CPT Nepal.
• Trade discount in Raipur wire rod stand at INR 2,000-2,500/t & base offers drop by INR 1,000/t to INR 45,000/t exw. Also, trade reference prices in Durgapur fell by INR 800/t to INR 44,300-44,500/t exw.
• Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm channel by INR 500/t to INR 45,500/t, and maintained trade discount at INR 1,100-1,400/t, current trade reference price of 200 mm angle is at INR 47,100-47,500/t exw.

Reference prices as on 9th Apr’21