Indian DRI, billet & rebar update- 29th Sep

Today, Indian domestic sponge iron prices fell by INR 100-400/t. Whereas billet prices have seen a movement of INR 100-300/t in most of the locations on limited trade inquiries.

Moreover, rebar prices have also registered a fall of INR 100-500/t (d-o-d), across majority of the markets.

Sources reported, stocks remained above to average amongst the majority of sponge & rebar makers in central & eastern regions.

Raw Material

• Silicon manganese (60-14) offers assessed at INR 59,000-59,500/t exw, Raipur.
• Odisha based sponge manufacturer booked 2,000 t Rb3 coal at INR 3,850/t from Gangavaram port.
• Karnataka based BMM Ispat offered raw pellets to INR 7,600/t exw (Down by INR 100/t).
• Bellary based sponge manufacturer booked 5,000 t Rb2 coal at INR 5,100/t from Krishnapatnam port.

Semi Finished

• Induction grade billet export offers hovering at $383-385/t exw Durgapur, equivalent to $410/t CPT Nepal, via road delivery.
• Around 6,000 t billet export concluded from western region market, out of which 2,000 t to East Africa at $463/t CnF (size – 100 mm) and 4,000 t to South east Asia at $432/t FoB (Size – 160 & 200 mm), shared by Mono Steel official.
• Raipur based sponge manufacturers have reduced P-DRI offers by INR 200-300/t to INR 18,500-18,600/t exw & around 3,000 t deals reported by couple of major producers, while remaining of plants have reported inquiries at less price range.
• Monnet Ispat has offered sponge P-DRI at INR 18,500/t exw Raipur.
• Ind Synergy (Raigarh) offered P-DRI at INR 17,800/t & billet at INR 28,400/t exw.
• Durgapur based Kajaria Iron has maintained steel grade pig iron price firm at INR 27,500/t exw.
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 19,000/t exw Jajpur (Down by INR 200/t).
• East India, Odisha based manufacturer, Mahavir Ferro Alloys offered billet (100×100 mm) at INR 28,500/t exw.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 19,000/t & billet at INR 28,500/t exw.
• BMM Ispat decreased offers by INR 200-300/t for FeM 80 P-DRI lumps to INR 17,600-17,700/t exw Bellary & around 3,000 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT offers remained unchanged at INR 34,500/t exw Raipur.
• Shrishtii TMT offers reported at INR 32,700/t exw Raigarh (Up by INR 200/t).
• Century TMT is offering at INR 33,500/t exw Muzaffarnagar (Up by INR 100/t) .
• Mono TMT kept offers stable at INR 34,200/t FoR Ahmedabad.
• Kalika TMT is offering at INR 33,300/t exw Jalna (Down by INR 200/t).
• A one Gold TMT offers reported at INR 35,600/t exw Bellary.

Wire Rod, Pipe & Structure

• Mid scale mills wire rod export offers drop further by $3-5/t to around $430/t exw Durgapur, equivalent to $455/t CPT Nepal.
• Trade discount in Raipur wire rod stable at INR 1,000-1,200/t along with steady base price at INR 33,400/t exw. However, in Durgapur trade reference price dropped by INR 200/t to INR 31,600-32,000/t exw.
• Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 40,700/t exw Hyderabad (Up by INR 200/t).
• Trade discount given by Raipur based heavy structure manufacturers has been maintained at INR 1,000-1,400/t and the current trade price of 200 Angle stood at INR 35,700-36,100/t exw.

Reference prices as on 29th Sep’20