Indian DRI, billet & rebar update-11th Nov

Indian secondary steel market has marked rebound in price range by INR 100-800/t, d-o-d, on renewed buying interest & tight supply of raw materials.

As per SteelMint’s assessment, sponge iron prices have increased by INR 100-800/t & billet prices by INR 100-750/t. In addition to it, rebar prices also seen an increase of INR 100-700/t in many regions.

Participants in central India are assuming, semis prices to remain strong due to prevailing short supply of sponge iron & expected rally in raw material prices.

Raw Material

• Karnataka based BMM Ispat offered raw pellets to INR 9,900/t exw (Up by INR 100/t).
• Monnet Ispat kept 60-14 Silico Manganese offers unchanged at INR 59,000/t exw Raipur – Officials.

Semi Finished

• Induction grade billet export offers increased to $435-440/t exw Durgapur, equivalent to $460-465/t CPT Nepal, via road delivery.
• Indian sponge iron export offers rebound to $330/t CPT Benapole, equivalent to $345/t CFR Chittagong, Bangladesh on account of surge in domestic prices.
• Raipur based sponge producers have raised P-DRI offers by INR 600-700/t to INR 22,800-23,000/t & sufficient deals reported at INR 22,700-22,900/t on exw basis.
• Raigarh based Singhal Steel offered billet at INR 32,300/t exw.
• Ind Synergy (Raigarh) offered P-DRI at INR 21,800/t & billet at INR 32,200/t exw.
• Visa Steels offering steel grade pig iron at INR 29,500/t exw Jajpur.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 22,300/t exw Bellary.
• BMM Ispat increased offers by INR 200-300/t for FeM 80 P-DRI lumps to INR 22,200/t exw Bellary & around 4,500 t deals reported in nearby region.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 35,200/t exw Raigarh (Up by INR 500/t).
• Rathi Stelmax TMT is offering at INR 37,600/t exw Delhi/NCR (Down by INR 500/t).
• Diamond TMT is offering at INR 39,900/t FoR Ahmedabad (Up by INR 500/t).
• Polaad TMT offers reported at INR 38,300/t exw Jalna (Up by INR 600/t).
• Bajrangbali Re-rollers is offering rebar at INR 35,600/t exw Rourkela.

Wire Rod & Structure

• Mid scale mills wire rod export offers up by $5/t to $485-490/t exw Durgapur, equivalent to $515/t CPT Nepal.
• Trade discounts in Raipur wire rod drop sharply by INR 500/t to INR 400-600/t & base offers up by INR 700/t to INR 36,500/t exw. Also, offers in Durgapur gain by INR 700/t to INR 36,500-36,800/t exw.
• Raipur based heavy structure manufacturers, reduce the base price by INR 500/t and maintained trade discount at INR 400-700/t, current trade price of 200 Angle stood at INR 38,600-38,900/t exw.

Reference prices as on 11th Nov’20