Indian DRI, billet and rebar update - 19 May

Indian secondary steel trades remained dull today and prices have declined by up to INR 800/t ($11), d-o-d, basis.

According to the assessment, Indian semi-finished steel market (including sponge iron & billet) has noticed a sharp fall of INR 100-800/t in many regions, however, a major downfall of INR 700-800/t was registered in billet at Raigarh, Raipur & Rourkela respectively.

Meanwhile, the rebar offers have also dropped by INR 200-800/t across major markets.

Industry sources mentioned that, inquiries have slightly improved today during the second half in Central India on expectations of prices to rebound soon, after a rigorous drop since in the past few days.

Semi Finished

• Induction grade billet export offers drop to $580-585/t exw Durgapur, equivalent to $610/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offer by INR 300/t to INR 39,500/t exw.
  
  
• Sponge P-DRI prices further drop in Raipur by INR 300-500/t & deals reported at around INR 30,000/t on exw & FoR basis.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,000-30,100/t FoR Raipur.
  
  
• Aloke Steel Industries (Jharkhand) offered Fem 80 C-DRI lumps at INR 31,500/t & C-DRI mix material (60:40) at INR 31,000/t exw.
  
  
• Ind Synergy offered P-DRI at INR 29,300/t & billet at INR 41,900/t exw Raigarh.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 31,000/t exw Bellary.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 42,500/t exw Badtumkela.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,000/t exw Bellary.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 47,000/t exw Raigarh (Down by INR 1,200/t).
  
  
• Metalics 550D TMT offers reported at INR 47,800/t exw Sambalpur (Down by INR 900/t).
  
  
• Rathi Stelmax TMT is offering at INR 50,350/t exw Delhi/NCR (Down by INR 300/t).
  
  
• Swarup TMT is offering at INR 49,500/t exw Muzaffarnagar (Down by INR 300/t).
  
  
• Vibrant TMT offers reported at INR 51,200/t FoR Ahmedabad.
  
  
• Kalika TMT is offering at INR 50,600/t exw Jalna (Down by INR 200/t).
  
  

Wire Rod and Structure

• Trade discounts in Raipur wire rod stands at INR 2,200-2,500/t, following which trade reference price dropped by INR 300/t to INR 45,400-45,700/t exw. Also, prices in Durgapur plunged by INR 500/t to INR 47,000-47,300/t exw.
  
  
• Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm channel by INR 500/t to INR 48,000/t, and given trade discount at INR 1,000-1,300/t, current trade reference price of 200 mm angle is at INR 49,600-50,000/t exw.
  
  

Reference prices as on 19th May'21