Indian DRI, billet & rebar update- 1st Oct

Indian secondary steel market witnessed positive sentiments as prices went up by INR 100-400/t today in semis & finished long steel products.

As per SteelMint’s assessment, sponge iron prices rallied by INR 100-450/t & billet prices by INR 200-400/t across the majority of the markets. Also, rebar prices have gone up by INR 100-400/t in most of the regions.

As per producers, the majority of deals concluded on lower offers yesterday, while on revised increase prices little trades have taken place due to less clarity in market trends.

Semi Finihed

• Induction grade billet export offers increased by $5-7/t to $390/t exw Durgapur, equivalent to $415/t CPT Nepal, via road delivery.
• Raipur based a couple of major sponge manufacturers have reported 6,000-7,000 t P-DRI deals at INR 18,400-18,500/t exw. Hence with improved demand, offers by remaining plants have raised by INR 200/t to INR 18,700-18,800/t exw.
• Ind Synergy (Raigarh) offered P-DRI at INR 18,300/t exw (Up by INR 500/t).
• East India, Odisha based manufacturer, Mahavir Ferro Alloys offered billet (125×125 mm) at INR 28,800/t exw.
• BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 18,100/t & INR 18,500/t exw & around 1,000 t deals reported by official.
• BMM Ispat increased offers by INR 200/t for FeM 80 P-DRI lumps to INR 17,700/t exw Bellary & around 4,500 t deals reported in nearby region.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 32,700/t exw Raigarh.
• Swarup TMT is offering at INR 33,800/t exw Muzaffarnagar (Up by INR 300/t).
• Mono TMT kept offer stable at INR 33,900 FoR Ahmedabad.
• Kalika TMT is offering at INR 33,400 exw Jalna (Up by INR 100/t).
• A One Gold TMT offers unchanged & reported at INR 35,600/t exw Bellary.

Wire Rod, Pipe & Structure

• Mid scale mills wire rod export offers up by $5/t to $435/t exw Durgapur, equivalent to $460/t CPT Nepal.
• Trade discounts in Raipur wire rod dropped by INR 400/t to INR 600-800/t, however base price remained stable at INR 33,400/t exw. Also, in Durgapur trade reference price went up by INR 600/t to INR 32,200-32,500/t exw.
• APL Apollo Tubes Ltd is offering pipe at INR 45,000/t FoR in Raipur, Chhattisgarh.
• South India based- A One Steel & Alloys offering ERW pipe (2.5) at INR 43,000/t exw Bellary.
• Goel Pipe, one of the renowned pipe producer in central India-Raipur has offered pipe at INR 43,650/t FoR.
• Trade discount given by Raipur based heavy structure manufacturers is maintained at INR 800-1,000/t and the current trade price of 200 Angle stood at INR 35,900-36,200/t exw.

Reference prices as on 1st Oct’20