Indian DRI, billet & rebar update- 18th Sep

The Indian steel market reported a marginal increase in all the commodities today. Sponge iron prices were more or less stable, whereas billet prices moved up by INR 50-500/t in most of the regions.

Also, rebar prices have marked a slight increase of around INR 100-400/t in majority of the markets.

Meanwhile, it is learned that furnaces based in coastal locations may face shortage or increase in cost of scrap as cutting works slightly slowdown in ship breaking yards.

Raw Material

• Silicon Manganese (60-14) offers in Raipur, central India is assessed at INR 60,500-61,000/t exw.
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 61,000/t exw.

Semi Finished

• Raipur based sponge manufacturers have kept P-DRI offers firm at INR 19,400-19,500/t exw & total of about 2,000 t deals reported in local market by 2-3 plants.
• Steel grade pig iron prices in Raipur drop by INR 100/t to INR 27,800-28,000/t exw, due to low bids in SAIL pig iron auction from Bhilai Steel Plant (BSP).
• Ind Synergy (Raigarh) offered P-DRI at INR 19,100-19,200/t & billet at INR 29,600/t exw.
• As per market sources, Tata Metaliks recently concluded one rake (equivalent to 2,160 t) foundry grade pig iron auction at near to INR 33,500/t exw Phillaur (siding), Ludhiana.
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 20,000/t exw Jajpur. However no major sales reported by officials.
• Hare Krishna has offered FeM 79-80 P-DRI at INR 18,800/t exw Bellary, an official reported.
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 18,800/t exw Bellary.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 33,300/t exw Raigarh (Up by INR 400/t).
• Rathi Stelmax TMT offers unchanged at INR 36,600/t exw Delhi/NCR.
• Swarup TMT is offering at INR 34,800/t exw Muzaffarnagar (Up by INR 200/t).
• Mono TMT has kept offers at INR 34,400/t FoR Ahmedabad (Down by INR 300/t).
• Rajuri TMT offers stable at INR 34,100/t exw Jalna.

Wire Rod, Pipe & Structure

• Goel Pipe, one of the renowned prime grade pipe producer in central India-Raipur has offered pipe at INR 42,650/t FoR.
• ERW Pipe manufacturers have kept offers at firm level to INR 35,200-35,400/t exw Raipur, INR 37,700/t exw Mandi Gobindgarh & INR 35,500/t exw Rourkela.
• Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 40,500/t exw (Up by INR 200/t).
• Trade discounts in Raipur wire rod slightly dropped by INR 100/t to INR 1,000-1,200/t, however base price was firm at INR 34,200/t exw. Also, in Durgapur trade reference price dropped by INR 100/t to INR 33,000-33,300/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 36,300-36,700/t exw.

Reference prices as on 18th Sep’20