Indian DRI, billet & rebar update- 5th Oct

Indian secondary steel market witnessed positive sentiments today as prices went up by INR 100-600/t in semis & finished long steel products.

As per SteelMint’s assessment, sponge iron prices rallied by INR 300-550/t & billet by INR 100-500/t across the majority of the markets. Also, rebar prices have gone up by INR 100-500/t in most of the regions.

Raw Material

• Silicon manganese (60-14) trades assessed at INR 60,000-60,500/t exw Raipur.
• BMM Ispat located in Bellary, Karnataka sold around 10,000 t pellets in nearby market at INR 7,600-7,700/t exw in the last two days.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 33,200/t exw Raigarh (Up by INR 400/t).
• Rathi Stelmax TMT offers at INR 35,800/t exw Delhi/NCR.
• Swarup TMT is offering at INR 34,200/t exw Muzaffarnagar (Up by INR 200/t).
• Mono TMT offers reported at INR 34,300/t FoR Ahmedabad (Up by INR 200/t).
• Kalika TMT is offering at INR 34,100/t exw Jalna (Up by INR 400/t).
• ARS 550 D offers at INR 39,000/t exw Chennai.
• A One Gold TMT offers unchanged & reported at INR 35,600/t exw Bellary.

Semi Finished

• Induction grade billet export offers increased by $6-8/t to $403-405/t exw Durgapur, equivalent to $430/t CPT Nepal, via road delivery.
• Raipur based major sponge P-DRI manufacturers have reported over 5,000 t deals at INR 19,000-19,300/t exw. Hence with improved demand, offers by remaining mid size plants have raised to INR 19,500/t exw.
• Ind Synergy (Raigarh) offered P-DRI at INR 18,700/t exw (Up by INR 400/t).
• Durgapur based Neo Metaliks has raised steel grade pig iron price by INR 200/t to INR 27,500/t exw.
• Bokaro, Jharkhand based a primary mill reported about 1,000 t steel grade pig iron deals at INR 27,300-27,500/t exw.
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 19,300/t exw Jajpur
  Odisha based sponge supplier sold around 1,000 MT FeM 80 C-DRI lumps to Jalna (Maharashtra) at around INR 22,000/t FoR Jalna.
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 19,600/t & billet at INR 29,000/t exw.
• Hare Krishna has offered FeM 79-80 P-DRI at INR 18,300t exw Bellary (Up by INR 300/t).
• BMM Ispat increased offers by INR 200/t for FeM 80 P-DRI lumps to INR 18,200-18,300/t exw Bellary & around 5,000 t deals reported in nearby region.

Wire Rod, Pipe & Structure

• Mid scale mills wire rod export offers up by $5/t to $446-448/t exw Durgapur, equivalent to $475/t CPT Nepal.
• Trade discounts in Raipur wire rod drop by INR 200/t to INR 800/t, however base price up by INR 200/t to INR 34,000/t exw. Also, in Durgapur trade reference price increases by INR 500/t to INR 32,800-33,300/t exw.
• Trade discount given by Raipur based heavy structure manufacturers is at INR 700-1,000/t, and the current trade price of 200 Angle stood at INR 36,200-36,600/t exw.

Reference prices as on 5th Oct’20