Indian DRI, billet and rebar update - 12 Mar

Indian secondary steel market observed mixed trends today as the prices have fluctuated by INR 100-500/t, d-o-d basis.

According to SteelMint's assessment, the domestic sponge iron prices have seen a slight fluctuation of INR 100-200/t in many regions. Meanwhile, billet offers also dropped by INR 100-200/t in most of the markets, however prices in the Eastern & Western parts of India rose by INR 300-500/t.

In line with this, the rebar market was a bit supportive and prices moved up by INR 100-500/t in major locations, while a slight drop observed in Western & Southern regions by INR 100/t.

Market sources are expecting prices should remain volatile due to the average demand-supply. However ongoing GST concern in Punjab may result in the strengthening of price range temporarily as the participants are planning for a strike, which may disturb supply chain in the northern India.

Semi Finished

• Induction grade billet export offers hovering at $530/t exw Durgapur, equivalent to $555/t CPT Nepal, however inquiries remain limited, as per participants.
  
  
• Raipur based sponge P-DRI manufacturers have reduced offers by INR 200/t & deals reported at INR 27,400/t exw & INR 27,500/t FoR basis from outside suppliers.
  
  
• Neo Metaliks in Durgapur has maintained steel grade pig iron price firm at INR 35,700/t exw.
  
  
• Raigarh based Singhal Steel offered P-DRI at INR 26,500/t & billet at INR 38,400/t exw.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,300-25,400/t exw Bellary & around 1,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT kept offers stable at INR 45,500/t exw Raipur.
  
  
• Cemtury TMT unchanged offers at INT 43,500/t exw Muzaffarnagar.
  
  
• Vibrant TMT offers reported at INR 47,500/t FoR Ahmedabad.
  
  
• Kalika TMT is offering at INR 47,000/t exw Jalna (Down by INR 200/t).
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at $585-590/t exw Durgapur, equivalent to $610-615/t* CPT Nepal. (* Correction)
  
  
• Trade discounts in Raipur wire rod stood at INR 1,200-1,300/t & base price up by INR 500/t to INR 43,300/t exw. Also trade reference prices in Durgapur increased by INR 200/t to INR 42,300-42,500/t exw.
  
  
• Raipur based heavy structure steel manufacturers, increase the base price of 150 mm Channel by INR 400/t to INR 43,500/t, and maintained trade discount by INR 1,000-1,200/t, current trade reference price of 200 mm Angle is at INR 45,100-45,500/t exw.
  
  

Reference prices as on 12th Mar'21