Indian DRI, billet and rebar update - 11 Mar

Spot steel trades in Indian secondary steel market have remained supportive and prices have moved upto INR 700/t ($7), d-o-d.

As per the assessment, prices for domestic sponge iron have increased by INR 100-300/t & billet offers surged by INR 100-500/t nationwide. In line with this, rebar prices moved up by INR 100-700/t with a major hike in prices of around INR 600-700/t were noticed in the Durgapur & Muzaffarnagar.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,500/t exw Bellary.
  
  
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 80,000/t exw.
  
  

Semi Finished

• Raipur based sponge P-DRI manufacturers have further raised offers by INR 200/t to INR 27,600-27,800/t exw, meanwhile deals from outside suppliers reported at around INR 27,500/t on FoR Raipur.
  
  
• Raigarh based Singhal Steel offered P-DRI at INR 26,500/t & Billet at INR 38,400/t exw.
  
  
• Central India based steel manufacturers getting pig iron offers from Odisha at INR 37,000/t FoR Raigarh.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 27,700/t FoR Raipur.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 37,800/t exw Badtumkela.
  
  
• Wada (Maharashtra) based mills sourcing FeM 80 C-DRI lumps from Bellary at around INR 27,500-27,700/t on FoR basis.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,300-25,400/t exw Bellary & around 2,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 43,000/t exw Raigarh.
  
  
• Century TMT is offering at INR 43,500/t exw Muzaffarnagar.
  
  
• Mono TMT is offering at INR 47,700/t FoR Ahmedabad (Up by INR 200/t).
  
  
• Kalika TMT offers unchanged at INR 47,200/t exw Jalna.
  
  

Wire Rod and Structure

• Trade discounts in Raipur wire rod increased to INR 1,000/t, also base offers raised by INR 300/t to INR 42,800/t exw. Meanwhile, trade reference prices in Durgapur rose by INR 700/t to INR 42,200-42,500/t exw.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm Channel at INR 43,100/t, and given trade discount by INR 1,000-1,300/t, current trade reference price of 200 mm Angle is at INR 44,900-45,300/t exw.
  
  

Reference prices as on 11th Mar'21