Indian DRI, billet & rebar update- 17th Sep

The Indian steel market reported a slight fall in prices & very limited trade due to Vishwakarma Pooja. Sponge iron prices declined by INR 100-200/t & billet prices have also dropped by INR 50-300/t in most of the locations. In addition to it, rebar market has noticed a downfall of around INR 100-300/t.

SteelMint’s daily billet index (exw Raipur) has been suspended for today as no major trades, bids & offers were reported on account of Viswakarma Pooja.

Raw Material

• BMM Ispat sold around 5,000 t pellets in nearby market at INR 7,700/t exw Bellary.

Semi Finished

• SteelMint’s daily billet index (exw Raipur) has been suspended for today as no major trades, bids & offers were reported on account of Viswakarma Pooja.
• Raipur based a couple of sponge manufacturers have floated P-DRI offers at INR 19,400-19,500/t exw, however no fresh deals reported due to less activities.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 28,200-28,300/t exw.
• Visa Steels kept offers unchanged for steel grade pig iron at INR 27,500/t exw Jajpur.
• BMM Ispat increased offers by INR 100-200/t for FeM 80 P-DRI lumps to INR 18,800/t exw Bellary

Rebar (12 mm)

• GK TMT offers stable at INR 35,000/t exw Raipur.
• Shrishtii TMT offers reported at INR 32,900/t exw Raigarh (Down by INR 200/t).
• Rathi Stelmax TMT has unchanged offers at INR 36,600 exw Delhi/NCR.
• Mono TMT offer has unaltered offers at INR 34,700 FoR Ahmedabad.
• Polaad TMT offers stable at INR 33,900 exw Jalna.

Wire Rod, Pipe & Structure

• ERW Pipe manufacturers have kept offers at firm level to INR 35,300-35,500/t exw Raipur.
• Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 40,300/t exw.
• Trade discounts in Raipur wire rod is assessed at INR 1,100-1,300/t & base price was at INR 34,200/t exw. However, in Durgapur trade reference price dropped by INR 200/t to INR 33,200-33,500/t exw.
• Trade discount given by Raipur based heavy structure manufacturers is at INR 700 -1,000/t and trade price of 200 Angle is at INR 36,400-36,800/t exw.

Reference prices as on 17th Sep’20