Indian DRI, billet & rebar update- 5th Nov

The Indian secondary steel market has marked a sharp hike in prices of around INR 100-800/t today. As per SteelMint’s assessment billet prices have rallied up by INR 200-800/t in which a major increase of around INR 800/t was registered in Hyderabad.

Following the same trend sponge iron prices have gained by INR 150-400/t. Also, rebar prices shooted up by INR 100-500/t in major markets.

Raw Material

• BMM Ispat sold around 5,000 t pellets in nearby market at INR 9,600/t exw Bellary.
• Monnet Ispat kept 60-14 silico manganese offers unchanged at INR 58,000/t exw Raipur- Officials.
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 59,000/t exw.

Semi Finished

• Indian sponge iron (80 FeM, 100% lumps) export offers up by $20/t to $330-335/t CPT Benapole, equivalent to $345-350/t CFR Chittagong, Bangladesh. The prices surged on increasing Indian domestic offers.
• Major sponge P-DRI producers in Raipur have further raised offers by INR 300-400/t to INR 23,000/t exw & sufficient deals reported today.
• Durgapur based Neo Metaliks has reported around 700 t steel grade pig iron deals at INR 30,500/t exw.
• Visa Steels concluded deals of around 400 t steel grade pig iron in local market at INR 29,200/t exw Jajpur.
• Mahavir Ferro Alloys sold around 800 t billet (100×100 mm) at INR 32,700/t exw Rourkela.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 23,200/t & billet at INR 32,500/t exw Badtumkela.
• BMM Ispat increased offers by INR 200-300/t for FeM 80 P-DRI lumps to INR 21,900-22,000/t exw Bellary & around 3,000 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 22,000/t exw Bellary (Up by INR 200/t).

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 36,000/t exw Raigarh (Up by INR 200/t).
• Century TMT is offering at 36,500/t exw Muzaffarnagar (Up by INR 100/t).
• Rudra TMT offers reported at INR 39,800/t FoR Ahmedabad.
• Polaad TMT is offering at INR 37,300/t exw Jalna (Up by INR 400/t).
• A one Gold TMT offers reported at INR 39,000/t exw Bellary

Wire Rod & Structure

• Trade discounts in Raipur wire rod is stable to INR 300-400/t, however base offers increased by INR 600/t to INR 36,800/t exw. Meanwhile in Durgapur, the producers have increased offers by INR 400/t to INR 37,200-37,500/t exw.
• Raipur based heavy structure manufacturers, increase the base price by INR 500/t and maintained trade discount at INR 700-900/t, current trade price of 200 Angle stood at INR 39,500-39,900/t exw.

Reference prices as on 5th Nov’20