Indian DRI, billet & rebar update- 19th Aug

Indian steel prices declined further today. Sponge iron prices fell by INR 300-1,300/t, whereas billet prices dropped by INR 200-1,000/t in major markets. Also, rebar prices have seen a downfall of around INR 100-800/t, d-o-d.

The major drop in prices assessed in central & eastern India by INR 400- 1,300/t due to poor inquiries along with aggressive selling by traders & manufacturers as well with an assumption of price corrections.

Trade activities in Durgapur (which is a major hub of secondary steel mills) are likely to remain dull owing lockdown for a couple of days.

Semi Finished

• Induction grade billet (100*100 mm) export offers hovering at $410/t exw Durgapur, equivalent to $435/t CPT Nepal, via road delivery.
• Durgapur based Neo Metaliks has lowered steel grade pig iron price by INR 300/t to INR 29,400/t exw.
• Raipur based few major sponge manufacturers have reduced P-DRI offers by INR 1,400-1,500/t to INR 20,000-20,100/t & total of around 3,000-3,500 t deals reported by 2-3 plants.
• Ind Synergy (Raigarh) offered P-DRI at INR 20,000/t & billet at INR 29,700/t exw.
• BMM Ispat decreased offers by INR 200-300/t for FeM 80 P-DRI lumps to INR 20,200-20,300/t exw Bellary. However no deals reported from officials.

Rebar (12 mm)

• GK TMT is offering at INR 36,300/t exw Raipur (Down by INR 700/t).
• Shrishtii TMT offers reported at INR 34,700/t exw Raigarh (Down by INR 800/t).
• Paras TMT is offering at INR 34,500/t exw Muzaffarnagar (Down by INR 800/t).
• Gujarat based German TMX brand rebars is offering at INR 42,700/t exw (Size 20 mm, incl tax).
• Mono TMT offer stable at INR 35,800/t FoR Ahmedabad.
• Rajuri TMT is offering at INR 34,900/t exw Jalna (Down by INR 400/t).
• Pushpa TMT ((Maharashtra based) offers at INR 34,700/t exw Ahmednagar.
• Bajrangbali Re-rollers is offering rebar at INR 33,900/t exw Rourkela (Down by INR 500/t).
• Karnataka based Aone Steel (A one Gold TMT) is offering at INR 38,300/t (Size 8 mm).

Wire Rod & Pipe

• ERW Pipe manufacturers have decreased offers by INR 700-800/t to INR 36,200-36,300/t exw Raipur.
• Trade discount in Raipur wire rod is hovering at INR 1,100-1,300/t & base price dropped by INR 1,200/t to INR 34,400/t exw. Also in Durgapur trade reference prices plunged by INR 800/t to INR 33,800-34,200/t exw.

Reference prices as on 19th Aug’20