Indian DRI, billet and rebar update - 21 May

Indian secondary steel market has noticed a sharp decline in prices today as well and prices have fallen by up to INR 1,400/t ($19) on d-o-d, basis.

As per the assessment, Indian semi-finished steel prices (including sponge iron & billet) have dropped by INR 100-1,400/t with a major fall of around INR 1,000-1,400/t in North, East & Central regions.

In line with this, rebar offers have also decreased by INR 200-900/t in all the markets.

Sources reported, spot trades remained weak in semis products, due to a poor off-take in finished products, following lockdown restrictions in major regions.

Semi Finished

• Induction grade billet export offers stood at $565-570/t exw Durgapur, equivalent to $590/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has sharply reduced pig iron prices by INR 500-700/t to INR 38,600-38,700/t exw.
  
  
• Sponge P-DRI price assessment dropped in Raipur by INR 1,000/t to INR 29,000/t, however plants were offering at INR 29,300-29,500/t exw.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,500/t FoR Raipur.
  
  
• Raigarh based BS Sponge offered billet at INR 40,500/t exw (Down by INR 500/t).
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,300/t exw Bellary (Down by INR 200/t).
  
  

Rebar (12 mm)

• GK TMT offer stable at INR 49,000/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 46,500/t exw Raigarh (Down by INR 800/t).
  
  
• Metalics 550D TMT offers reported at INR 46,800/t exw Sambalpur (Down by INR 1,200/t).
  
  
• Rathi Stelmax TMT is offering at INR 49,400/t exw Delhi/NCR (Down by INR 600/t).
  
  
• Wonder Gold TMT offers reported at INR 48,300/t exw Muzaffarnagar (Down by INR 800/t).
  
  
• Vinayak TMT is offering at INR 50,300/t FoR Ahmedabad (Down by INR 1,000/t).
  
  
• Kalika TMT offer stable at INR 50,600/t exw Jalna.
  
  

Wire Rod and Structure

• Trade reference wire rod prices in Raipur drop by INR 1,500/t to INR 44,000-44,500/t exw. Also, prices in Durgapur fell by INR 1,400/t to INR INR 45,800-46,000/t exw.
  
  
• Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm channel by INR 1,000/t to INR 47,000/t, and given trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 48,600-48,900/t exw.
  
  

Reference prices as on 21st May'21