Indian DRI, billet and rebar update - 13 Apr

Indian secondary steel market witnessed fewer trades today and the prices have dropped by up to INR 600/t ($8) on a d-o-d basis.

According to SteelMint's assessment, the domestic sponge iron offers have declined by INR 200-300/t, however, the market was little supportive in the Southern region (Bellary) where prices have increased by INR 100/t. Also, billet prices have plunged by INR 100-600/t in major markets having a slight hike of INR 100/t seen in Mumbai.

In context to finish long, the rebar market has noticed a downfall of INR 100-600/t across regions having a marginal hike of INR 100/t at Raigarh (Central India).

Prices are less likely to find support as demand has slowed down due to announced lockdown in several states as a measure to control the spread of COVID, shared market participants with SteelMint.

Semi Finished

• Induction grade billet export offers drop by $5/t to $545-550/t exw Durgapur, equivalent to $575/t CPT Nepal.
  
  
• Sponge P-DRI offers fall in Raipur by INR 100-200/t & deals reported at INR 29,100-29,300/t on exw & FoR basis.
  
  
• Durgapur based Neo Metaliks has kept steel grade pig iron price firm at INR 39,000/t exw & few deals reported by officials.
  
  
• Indian sponge iron export offers to Bangladesh is hovering at $430/t CPT Benapole.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 28,900/t exw. However no major deals reported from officials.
  
  
• Jajpur based, Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 38,300/t exw & offered FeM 80 sponge C-DRI (mix material) at INR 29,000/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 28,300/t & billet at INR 40,300/t exw.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,700/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT offers stable at INR 47,700/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 45,700/t exw Raigarh.
  
  
• Metalics 550D TMT offers reported at INR 47,300/t exw Sambalpur (Up by INR 800/t).
  
  
• Rathi Stelmax TMT is offering at 47,200/t exw Delhi/NCR.
  
  
• Swarup TMT is offering at INR 45,700/t exw Muzaffarnagar (Down by INR 300/t).
  
  
• Tri Shakti TMT offers reported at INR 45,700/t exw Durgapur (Down by INR 300/t).
  
  
• Vinayak TMT offers unchanged at INR 47,800/t FoR Ahmedabad.
  
  
• Kalika TMT offers stable at INR 49,200/t exw Jalna.
  
  

Wire Rod and Structure

• Mid scale mill wire rod export offers lower by $5-10/t to $600-605/t exw Durgapur, equivalent to $630/t CPT Nepal.
  
  
• Trade discount in Raipur wire rod increased to INR 1,200-1,400/t, following which trade reference price went down by INR 500/t to INR 45,000-45,200/t exw. Also, trade reference prices in Durgapur fall by INR 400/t to INR 45,000-45,200/t exw.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 45,500/t, and given trade discount at INR 700-1,000/t, current trade reference price of 200 mm angle is at INR 47,500-47,900/t exw.
  
  

Reference prices as on 13th Apr'21