Indian DRI, billet & rebar update-26th Nov

Indian secondary steel market has seen a downside in prices by INR 50-400/t, d-o-d. However, billet trades improved slightly in central & eastern regions.

As per the daily assessment, sponge iron prices have fallen by INR 50-300/t & billet prices by INR 100-400/t. Also, the rebar market has observed a decline in prices by INR 100-400/t in most of the regions, however, it has remained supportive in Mumbai & Hyderabad market, where prices gained by INR 200/t & INR 400/t, respectively.

Semi Finished

• Induction grade billet export offers remained firm at $460-465/t exw Durgapur, equivalent to $485-490/t CPT Nepal.
• Raipur based sponge producers have slightly lower P-DRI offer by INR 100/t to INR 24,400/t exw, however few trades remain limited.
• Raigarh based Singhal Steel offered billet at INR 33,500/t exw (Down by INR 400/t).
• Neo Metaliks has roll-over steel grade pig iron offers on day trades at INR 30,200/t exw Durgapur.
• Visa Steels offering steel grade pig iron at INR 29,800/t exw Jajpur (Down by INR 200/t).
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 24,600/t & billet at INR 33,500/t exw Badtumkela.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 23,800/t exw Bellary.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 36,800/t exw Raigarh (Down by INR 200/t).
• Century TMT is offering at INR 37,200/t exw Muzaffarnagar (Down by INR 300/t).
• Rathi Stelmax TMT kept offer stable at INR 39,800/t exw Delhi/NCR.
• Mono TMT unchanged their offer at INR 40,900/t FoR Ahmedabad.
• Rajuri TMT offers reported at INR 40,000/t exw Jalna.

Wire Rod & Structure

• Mid scale mills wire rod export offers slightly up by $2-3/t to $515-520/t exw Durgapur (excluding loading charges), equivalent to $540-545/t CPT Nepal.
• Trade discounts in Raipur wire rod stable at INR 1,000/t, along with unchanged base offers at INR 38,600/t exw. Also, trade reference price in Durgapur firm at INR 37,800-38,000/t exw.
• Raipur based heavy structure manufacturers, unchanged their offer at INR 38,700/t exw, and maintained trade discount at INR 700-1,000/t, current trade price of 200 Angle stood at INR 40,700-41,100/t exw.

Reference prices as on 26th Nov’20