Indian DRI, billet and rebar update - 2 Dec

Indian spot steel trades continued to be on positive side and the prices have increased up to INR 800/t ($11), today.

As per the daily assessment, sponge iron prices have rallied by INR 200-600/t, billet by INR 100-800/t & rebar by INR 100-600/t in the major markets.

SteelMint in conversation with participants learned that finished steel demand remained active in western and central India, while in southern and eastern India, it remained modest.

Raw Material

• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 61,200/t exw.
  
  

Semi Finished

• Indian sponge iron export offers increased by $5-10/t to $365-370/t, meanwhile last deals reported at $358-360/t CPT Benapole, equivalent to $373-375/t CFR Chittagong, Bangladesh.
  
  
• Induction grade billet export offers increased by $10/t to $490/t exw Durgapur, equivalent to $515/t CPT Nepal, however no fresh deals reported due to sharp surge in offers.
  
  
• Raipur based sponge producers have raised P-DRI offer by INR 200-400/t to INR 25,200-25,400/t, however few deals reported at INR 25,100-25,200/t, while majority of bids reported at around INR 25,000/t exw.
  
  
• Raigarh based Singhal Steel offered billet at INR 35,200/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 24,700/t and billet at INR 35,200/t exw.
  
  
• Neo Metaliks has maintained steel grade pig iron price at INR 30,700-30,800/t exw Durgapur & deals reported in local market.
  
  
• Odisha based manufacturer, Mahavir Ferro Alloys offered billet at INR 35,500/t exw Rourkela.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,300/t exw Bellary.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 38,700/t exw Raigarh (Up by INR 900/t).
  
  
• Century TMT offers assessed at INR 38,800/t exw Muzaffarnagar.
  
  
• Diamond TMT offers reported at INR 42,700/t FoR Ahmedabad.
  
  
• Polaad TMT is offering at INR 41,200/t exw Jalna (Up by INR 200/t).
  
  
• ARS 550 D offers reported at INR 44,300/t exw Chennai.
  
  

Wire Rod & Structure

• Mid scale mills wire rod export offers up by $5-10/t to $545/t exw Durgapur, equivalent to $570/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod drop by INR 300/t to INR 500-700/t, also base offers up by INR 300/t to INR 40,300/t exw. Also, Durgapur offers up by INR 600/t to INR 40,000-40,500/t exw.
  
  
• Raipur based heavy structure manufacturers, increase the base price by INR 500/t to INR 39,800/t, and maintained trade discount at INR 500-800/t, current trade price of 200 Angle stood at INR 41,900-42,300/t exw.
  
  

Reference prices as on 2nd Dec'20