Indian DRI, billet and rebar update - 14 Dec

Indian secondary steel market turned supportive and the prices increased up to INR 1,100/t ($15) today.

As per daily SteelMint's assessment, sponge iron prices have moved up by INR 100-600/t & billet prices by INR 100-500/t. In context to finished steel, rebar prices rallied by INR 100-1,100/t in which a sharp hike of INR 900-1,100/t was registered in Ahmedabad and Goa, while in remaining markets the price rise is about INR 100-300/t, d-o-d.

Industry sources mentioned that, the prices are likely to remain supportive on account of active demand from the domestic & exports. Also with rising scrap & billet prices globally, the producers may keep prices strong.

Semi Finished

• Induction grade billet export offers increased to $500/t exw Durgapur, equivalent to $525/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has raised steel grade pig iron price by INR 500/t to INR 34,500/t exw.
  
  
• Raipur based sponge makers have increased P-DRI offer by INR 100/t to INR 25,200/t, however few trades reported at INR 25,000-25,100/t exw.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 42,100/t exw Raipur (Up by INR 400/t).
  
  
• Century TMT offers reported at INR 39,800/t exw Muzaffarnagar.
  
  
• Kalika TMT is offers assessed at INR 42,500/t exw Jalna (Up by INR 200/t).
  
  
• Diamond TMT is offering at INR 46,300/t FoR Ahmedabad.
  
  
• National TMT offers reported at INR 48,200/t FoR Ahmedabad.
  
  
• ARS 550 D is offering at INR 46,300/t exw Chennai.
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers for commercial grade is hovering at $560/t exw Durgapur, equivalent to $585/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod up by INR 200/t to INR 400-500/t, however base offers stable at INR 40,800/t exw. Also, offers in Durgapur unchanged at INR 41,000-41,200/t exw.
  
  
• Raipur based heavy structure manufacturers, increase their base price by INR 500/t to INR 40,500/t, and given trade discount by INR 500-700/t, current trade price of 200 Angle stood at INR 42,600-43,000/t exw.
  
  

Reference prices as on 14th Dec'20