Indian DRI, billet and rebar update - 13 May

Indian secondary steel market has witnessed mixed sentiments today with limited trades and prices fluctuated by INR 100-500/t, d-o-d, basis.

As per the assessment, Indian semi-finished markets (including sponge iron & billet) have noticed a fluctuation in prices by INR 100-500/t across locations. In context to finished long steel, the rebar offers have risen marginally by INR 100-500/t in all the markets.

Spot trades were subdued today on prevailing higher offers as buyers have for " wait & watch" approach due to unclear market trends, SteelMint learned from trade sources.

Raw Material

• Karnataka based BMM Ispat sold around 3,000 t pellets in nearby market at INR 14,200/t exw Bellary.
  
  

Semi Finished

• Induction grade billet export offers reported at $595-600/t exw Durgapur, equivalent to $625/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has roll-over steel grade pig iron offers at INR 40,000/t exw & few trades reported by officials.
  
  
• Raipur based sponge P-DRI makers have kept offers firm at INR 32,400-32,600/t exw, however a few deals reported at around INR 32,000/t FoR Raipur from outside plants.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 32,200-32,300/t FoR Raipur.
  
  
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 32,500/t exw.
  
  
• Ind Synergy offered P-DRI at INR 31,200/t & billet at INR 44,000/t exw Raigarh.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 43,800/t exw Badtumkela.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 31,000/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 51,000/t exw Raipur (Up by INR 300/t).
  
  
• Metalics 550D TMT offers reported at INR 49,500/t exw Sambalpur.
  
  
• Shrishtii TMT offers reported at INR 48,800/t exw Raigarh (Up by INR 500/t).
  
  
• Rathi Stelmax TMT offers stable at INR 51,500/t exw Delhi/NCR.
  
  
• Swarup TMT offers reported at INR 50,500/t exw Muzaffarnagar (Up by INR 300/t).
  
  
• Vinayak TMT is offering at INR 52,600/t FoR Ahmedabad (Up by INR 500/t).
  
  
• Kalika TMT offers unchanged at INR 50,800/t exw Jalna.
  
  
• VRKP TMT is offering at INR 52,000/t exw Banglore (Up by INR 800/t).
  
  
• ARS TMT(Fe 550 D) offers reported at INR 54,800/t exw Chennai.
  
  

Wire Rod and Structure

• Trade discounts in Raipur wire rod increased to INR 2,000/t, following which trade reference price dropped by INR 100-200/t to INR 48,000-48,300/t. However, prices in Durgapur unchanged at INR 49,500-49,800/t exw.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 50,000/t, and maintained trade discount at INR 1,000-1,400/t, current trade reference price of 200 mm angle is at INR 51,500-52,000/t exw.
  
  

Reference prices as on 13th May'21