Indian DRI, billet & rebar update- 7th Oct

Indian secondary steel market reported mix trends as billet offers declined slightly by INR 100/t, while sponge iron prices fluctuated by INR 100-200/t in major markets. In the context to finished steel, the rebar market registered price movement of INR 100-400/t in major locations.

As per the participants, trade inquiries were quite low today as compared to healthy deals in last couple of days.

Raw Material

• Silicon manganese (60-14) trades in Raipur assessed at around INR 60,000/t exw.
  
  

Semi Finished

• Induction grade billet export offers remain unchanged at $404-406/t exw Durgapur, equivalent to $430/t CPT Nepal, via road delivery.
  
  
• Durgapur based Neo Metaliks has further raised steel grade pig iron price by INR 200/t to INR 28,200/t exw.
  
  
• Raipur based sponge manufacturers have offered P-DRI at INR 19,400-19,600/t exw, however no major deals reported due to fall in billet prices along with healthy deals since a couple of days.
  
  
• Jharkhand Ispat has raised sponge P-DRI offers to INR 19,200/t exw Giridih.
  
  
• Odisha based sponge supplier sold around 1,200 t billet to Ghaziabad at 29,300-29,400/t exw and freight cost cited at INR 2,400/t via road.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 18,900/t & billet at INR 29,600/t exw.
  
  
• Visa Steels concluded deals of around 200-300 t steel grade pig iron at INR 27,200-27,300/t exw Jajpur
  
  
• BMM Ispat increased offers by INR 100/t for FeM 80 P-DRI lumps to INR 18,400/t exw Bellary & around 2,000 t deals reported in nearby region.
  
  
• BIOP Steels in South India has kept offers unchanged for FeM 80 & 82 C-DRI lumps at INR 18,900/t & INR 19,300/t exw
  
  

Rebar (12 mm)

• Rathi Stelmax TMT offers reported at INR 36,500/t exw Delhi/NCR.
  
  
• Shrishtii TMT offers reported at INR 33,500/t exw Raigarh.
  
  
• Mono TMT kept offer stable at INR 34,500/t FoR Ahmedabad.
  
  
• Polaad TMT unchanged their offer at INR 34,300/t exw Jalna.
  
  
• Tirumala TMT is offering at INR 36,500/t exw Chennai.
  
  

Wire Rod, Pipe & Structure

• Trade discount in Raipur wire rod increased by INR 200/t to INR 1,000-1,200/t, however base price firm at INR 34,300/t exw. Also, in Durgapur trade reference price stable at INR 32,800-33,300/t exw.
  
  
• Mid scale mills wire rod export offers hovering at $448-450/t exw Durgapur, equivalent to $475/t CPT Nepal.
  
  
• Trade discount given by Raipur based heavy structure manufacturers is stood at INR 900-1,200/t, and the current trade price of 200 Angle is at INR 36,500-36,900/t exw.
  
  

Reference prices as on 7th Oct'20