Indian DRI, billet and rebar update - 11 Dec

Indian secondary steel market sentiments turned optimistic with prices increasing upto INR 600/t ($8) today.

As per daily assessment, sponge iron prices have moved up by INR 100-550/t & billet prices by INR 200-500/t. In context to finished steel, rebar prices have inched up by INR 100-600/t in which a sharp hike of INR 600/t was registered in Ahmedabad.

Sources are assuming prices to remain supported on account of costlier scrap & sponge iron along with strengthening prices in the global market.

Raw Material

• BMM Ispat sold around 10,000 t pellets in nearby market at INR 11,300/t exw Bellary.
  
  

Semi Finished

• Induction grade billet export offers hovering at $495/t exw Durgapur, equivalent to $520/t CPT Nepal.
  
  
• Raipur based sponge P-DRI manufacturers have raised offers by INR 300/t to INR 24,900/t exw, however few buying inquiries reported at INR 24,700-24,800/t exw.
  
  
• Neo Metaliks in Durgapur has further raised steel grade pig iron price by INR 100-200/t to INR 33,500/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 24,300/t & billet at INR 35,400/t exw.
  
  
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 35,800/t exw, an official reported.
  
  
• Visa Steels concluded deals of around 500 t steel grade pig iron to Durgapur at INR 32,000/t exw Jajpur and freight cost cited at INR 1,300/t via road.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 26,000/t & billet at INR 35,700/t exw Badtumkela.
  
  
• Hyderabad based steel manufacturers booked around 2,000 t billet from Raipur at INR 37,800/t on FoR basis.
  
  
• Hare Krishna has offered FeM 79-80 P-DRI at INR 25,800/t exw Bellary.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,800/t exw Bellary (Up by INR 100/t).
  
  
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 25,600/t exw Bellary & around 2,500 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 41,700/t exw Raipur (Up by INR 200/t).
  
  
• BS TMX TMT offers reported at INR 38,600/t exw Raigarh.
  
  
• Century TMT offers assessed at INR 40,000 exw Muzaffarnagar ((Up by INR 600/t).
  
  
• Mono TMT is offering at INR 44,850/t FoR Ahmedabad (Up by INR 500/t).
  
  
• Polaad TMT is offering at INR 41,700/t exw Jalna (Up by INR 200/t).
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers stood at $555/t exw Durgapur, equivalent to $580/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod is hovering at INR 500/t & base offers up by INR 300/t to INR 40,500/t exw. Also offers in Durgapur increased by INR 600/t to INR 40,500-40,800/t exw.
  
  
• Raipur based heavy structure manufacturers, increase their base price by INR 400/t to INR 40,000/t, and maintained trade discount at INR 500-800/t, current trade price of 200 Angle is at INR 42,100-42,500/t exw.
  
  

Reference prices as on 11th Dec'20