Indian DRI, billet and rebar update - 5 Apr

Spot trades in Indian secondary steel market remained modest and the prices have fluctuated by INR 100-500/t today.

As per market participants, disparity between bids & offers resulted in price volatility. Buyers are less interested to book material due to uncleared market trends.

According to SteelMint’s assessment, the domestic sponge iron prices have marginally increased by INR 100/t in most of the regions. Similarly, billet market was volatile and prices have fluctuated by INR 100-300/t across major locations.

In addition to this, rebar offers have raised by INR 200-500/t in most of the locations, whereas, a drop of INR 100-300/t was registered in Raigarh, Rourkela, Mumbai & Hyderabad.

Raw Material

• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 90,000/t exw.
  
  

Semi Finished

• Raipur based sponge P-DRI manufacturers have further raised offers by INR 100/t to INR 30,400/t exw, however few deals reported at around INR 30,100-30,200/t exw.
  
  
• Raigarh based Singhal Steel offered P-DRI at INR 29,000/t & Billet at INR 41,100/t exw.
  
  
• Durgapur based Neo Metaliks has reported deals of over 500 t steel grade pig iron at INR 39,000/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 29,000/t & billet at INR 41,200/t exw Raigarh.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 41,000/t exw Badtumkela.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 30,200-30,300/t FoR Raipur.
  
  
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 41,500/t exw. However no major deals reported from officials.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,000/t exw Bellary.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,500/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT kept offers stable at INR 47,800/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh (Down by INR 200/t).
  
  
• Metalics 550D TMT offers reported at INR 47,500/t exw Sambalpur (Down by INR 500/t).
  
  
• Rathi Stelmax TMT is offering at INR 47,600/t exw Delhi/NCR.
  
  
• Swarup TMT is offering at INR 45,500/t exw Muzaffarnagar.
  
  
• Mono TMT offers reported at INR 48,550/t FoR Ahmedabad (Up by INR 600/t).
  
  
• Polaad TMT offers unchanged at INR 48,800/t exw Jalna.
  
  

Wire Rod and Structure

• Trade discount in Raipur wire rod stood at INR 1,600-1,800/t and base price was stable to INR 46,500/t exw. Prices in Durgapur were unaltered to INR 46,000-46,300/t exw.
  
  
• Raipur based heavy structure steel manufacturers, offer the base price of 150 mm channel at INR 46,000/t, and given trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 47,700-48,100/t exw.
  
  

Reference prices as on 5th Apr'21