Indian DRI, billet and rebar update - 17 May

Indian secondary steel trades remained dull today and prices have declined by upto INR 500/t ($7), d-o-d, basis.

As per SteelMint's assessment, domestic billet offers have fallen by INR 100-500/t except Mandi Gobindgarh where prices have increased by INR 400/t. Also, sponge iron prices have dropped by INR 100-400, whereas, a hike of INR 100/t was noticed in Rourkela & Bellary regions.

In context to finished long steel, the rebar prices have fluctuated by INR 100-400/t across locations.

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 drop further by $5/t to $585-590/t exw Durgapur, equivalent to $610/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 40,000/t exw, however inquiries remain limited, as per officials.
  
  
• Raipur based sponge P-DRI makers have reduced offers to INR 31,200-31,300/t exw, however deals reported at around INR 31,000/t on exw & FoR basis.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 31,400-31,500/t FoR Raipur.
  
  
• Jharkhand based one of the major sponge iron manufacturer concluded deals of around 3,000 t FeM 78 C-DRI mix (60:40) at INR 30,300/t exw.
  
  
• Mahavir Ferro Alloys offered billet at INR 43,500/t exw Rourkela, however no major deals, as per officials.
  
  
• Ind Synergy offered P-DRI at INR 30,300/t & billet at INR 43,400/t exw Raigarh.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 43,200/t exw Badtumkela.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,500/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT offers unchanged at INR 51,000/t exw Raipur.
  
  
• Bajrangbali Re-rollers is offering rebar at INR 47,900/t exw Rourkela.
  
  
• Shrishtii TMT offers reported at INR 48,600/t exw Raigarh (Down by INR 200/t).
  
  
• Rathi Stelmax TMT is offering at INR 50,600/t exw Delhi/NCR (Down by INR 100/t).
  
  
• Century TMT kept offers unaltered at INR 50,000/t exw Muzaffarnagar.
  
  
• Mono TMT is offering at INR 52,100/t FoR Ahmedabad (Down by INR 500/t).
  
  
• Polaad TMT offers unchanged at INR 50,800/t exw Jalna.
  
  

Wire Rod and Structure

• Trade discounts in Raipur wire rod increased to INR 2,000-2,200/t, following which trade reference price fell by INR 700/t to INR 46,800-47,000/t exw. Also, prices in Durgapur went down by INR 300/t to INR 48,000-48,200/t exw.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 49,000/t, and given trade discount at INR 1,000-1,300/t, current trade reference price of 200 mm angle is at INR 50,600-51,000/t exw.
  
  

Reference prices as on 17th May'21