Indian DRI, billet and rebar update – 9 Mar

Indian secondary steel market was dull, however trades picked up as prices increased in Northern region (Mandi Gobindgarh) due to which the market sentiments regained support & the prices rallied upto INR 800/t ($11) d-o-d.

According to the assessment, domestic sponge iron and billet prices have moved up by INR 100-800/t, whereas the prices have fallen by INR 200-400/t in Southern & Western regions. In line with it, rebar prices have fluctuated by INR 100-500/t, in which a major fall was noticed by around INR 500/t in Mumbai & Bangalore.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,500/t exw Bellary.
• Jsw Ispat Special Products Limited offered 60-14 silico manganese at INR 77,000/t exw Raipur- Officials.

Semi Finished

• Induction grade billet export offers increased by $5/t to around $515-518/t exw Durgapur, equivalent to $540/t CPT Nepal.
• Durgapur based Neo Metaliks has kept steel grade pig iron offers firm at INR 35,700/t exw.
• Raipur based sponge P-DRI manufacturers have raised offers by INR 100-200/t to INR 27,100-27,200/t exw & deals reported at INR 27,000-27,200/t on exw & FoR basis.
• Visa Steels concluded deals of around 500 t FeM 80 sponge C-DRI (mix material) in local region at INR 26,600-26,700/t exw Jajpur.
• Jharsuguda, Odisha based sponge supplier sold around 1,000 t FeM 80 P-DRI at around INR 27,200-27,300/t FoR Raipur.
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 37,000/t exw Badtumkela.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,300-25,400/t exw Bellary (Down by INR 400/t).

Rebar (12 mm)

• GK TMT offers reported at INR 44,500/t exw Raipur.
• Rathi Stelmax TMT offers reported at 44,800/t exw Delhi/NCR.
• Rana 550 TMT is offering at INR 42,300/t exw Muzaffarnagar.
• Kalika TMT offers unchanged at INR 47,400/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod exports stable at around $565/t exw Durgapur, equivalent to $590/t CPT Nepal.
• Trade discounts in Raipur wire rod dropped to INR 1,000/t, also base offers plunged by INR 300/t to INR 42,500/t exw. Meanwhile, trade reference prices in Durgapur rose by INR 100/t to INR 41,200-41,400/t exw.
• Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm Channel by INR 400/t to INR 42,500/t, and given trade discount by INR 800-1,100/t, current trade reference price of 200 mm Angle is at INR 44,200-44,600/t exw.

Reference prices as on 9th Mar’21