Indian DRI, billet & rebar update-25th Nov

Indian spot steel prices remained volatile on account of moderate demand. As per daily assessment, the sponge iron prices moved up by INR 50-300/t, however it fell by INR 150-200/t in Southern region (Hyderabad & Bellary). In context to billet, prices fluctuated by INR 50-300/t & rebar market has recorded a slight fall of 100-200/t in many regions.

Industry sources stated that major buyers are holding transactions due to volatility in prices along with uncertain market directions.

Raw Material

• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 60,000/t exw.

Semi Finished

• Induction grade billet export offers rebound by $5/t to $460-465/t exw Durgapur, equivalent to $485-490/t CPT Nepal. About 1,000 t deals reported by a couple of Kolkata based suppliers.
• Raipur based sponge producers have maintained P-DRI offers firm at INR 24,500/t exw, however trades remained limited, as per participants.
• Raigarh based Singhal Steel offered billet at INR 34,000/t exw.
• Neo Metaliks has further lowered steel grade pig iron price by INR 200/t to INR 30,200/t exw Durgapur. Weak demand continuous, as per officials.
• Visa Steels offering steel grade pig iron at INR 30,000/t exw Jajpur (Down by INR 200/t).
• Central India based steel manufacturers getting pig iron offers from Odisha at INR 31,000/t FoR Raigarh.
• Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 24,300/t exw.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 23,800/t exw Bellary (Down by INR 200/t).

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 37,000/t exw Raigarh.
• Rathi Stelmax TMT is offering at INR 39,800/t exw Delhi/NCR (Down by INR 500/t).
• Mono TMT is offering at INR 40,900/t FoR Ahmedabad (Up by INR 200/t).
• Vibrant TMT offers reported at INR 40,700/t FoR Ahmedabad.
• Kalika TMT is offering at INR 40,000/t exw Jalna (Down by INR 200/t).

Wire Rod & Structure

• Mid scale mills wire rod export offers increased by $3-5/t to $515/t exw Durgapur, equivalent to $540/t CPT Nepal.
• Trade discounts in Raipur wire rod drop by INR 200/t to INR 1,000/t, however base offers stable at INR 38,600/t exw. Trade reference price in Durgapur up by INR 100/t to INR 37,600-38,000/t exw.
• Raipur based heavy structure manufacturers, unchanged their offer at INR 38,700/t exw, and maintained trade discount at INR 600-900/t, current trade price of 200 Angle assessed at INR 40,700-41,100/t exw.

Reference prices as on 25th Nov’20