Indian DRI, billet and rebar update - 11 May

Indian secondary steel market has observed a price hike by up to INR 1,500/t ($20), d-o-d basis.

As per the assessment, domestic sponge offers have increased by INR 300-1,500/t across locations. Also, billet prices have surged by INR 200-1,000 in many regions with a major hike of around INR 900-1,000/t in Raipur, Jalna & Hyderabad.

In line with this, rebar prices have shot up by INR 100-1,000/t, however, offers have moved up sharply by INR 1,000/t in Central India (Raipur).

Trade sources are expecting, prices to remain supported on account of higher raw material prices amidst supported global trends.

Semi Finished

• Raipur based sponge P-DRI makers have sharply raised offers by INR 1,000-1,500/t & deals reported at INR 31,000-31,500/t exw.
  
  
• Neo Metaliks in Durgapur has reported good demand on floated steel grade pig iron offers at INR 39,000/t as against yesterday at INR 38,200-300/t exw.
  
  
• Jalna(Maharashtra) based billet manufacturers sold over 1,000 t billet today in Ahmedabad (Gujarat) market at INR 46,000-46,200/t FoR. While, offers through the local manufacturers in Gujarat reported at INR 46,500 FoR Ahmedabad.
  
  
• Jharsuguda, Odisha based sponge supplier sold around 700 t FeM 80 P-DRI at around INR 30,700/t exw. Later on manufacturers are holding sales to maintain margins and supply-demand chain.
  
  
• Ind Synergy (Raigarh) offered billet at INR 43,300/t exw.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 43,200/t exw Badtumkela. (Up by INR 200/t).
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,000/t exw Bellary (Up by INR 800/t).
  
  

Rebar (12 mm)

• Rathi Stelmax TMT is offering at INR 51,500 exw Delhi/NCR (Up by INR 500/t).
  
  
• Mono TMT offer reported at INR 51,900/t FoR Ahmedabad (Up by INR 500/t).
  
  
• Polaad TMT is offering at INR 50,800/t exw Jalna (Up by INR 400/t).
  
  
• Metalics 550D TMT offers reported at INR 48,800/t exw Sambalpur (Up by INR 400/t).
  
  
• Shrishtii TMT offers reported at INR 48,000/t exw Raigarh (Up by INR 400/t).
  
  

Wire Rod and Structure

• Trade discounts in Raipur wire rod stands at INR 1,200-1,400/t & base offers up by INR 1,000/t to INR 49,000/t exw. Also, prices in Durgapur gain by INR 500/t to INR 49,000-49,200/t exw.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 48,000/t, and given trade discount at INR 800-1,000/t, current trade reference price of 200 mm angle is at INR 49,900-50,300/t exw.
  
  

Reference prices as on 11th May'21