Indian DRI, billet and rebar update - 5 Mar

Indian secondary steel market has noticed an upward trend today on improve demand and prices hit up to INR 700/t ($10) d-o-d.

As per the assessment, domestic sponge iron and billet prices have increased by INR 100-500/t, with a major hike of INR 600-700/t seen in billet at Raigarh, Mumbai & Hyderabad, however, a slight fall in prices of around INR 100/t has been observed in sponge iron in Southern India. In context to finish long, the rebar market was also supportive and prices have increased by INR 100-400/t nationwide.

Sources are expecting prices to remain strong on the back of prevailing positive trends globally and hike in pellet offers.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,600/t exw Bellary.
  
  

Semi Finished

• Induction grade billet export deals reported at around $520-522/t exw Durgapur, equivalent to $545/t CPT Nepal.
  
  
• Raipur based sponge P-DRI manufacturers have raised offers by INR 300/t to INR 27,400-27,500/t exw, however deals reported mostly from outside suppliers at INR 27,300-27,400/t on FoR Raipur basis.
  
  
• Raipur based billet producers reported improved demand from Hyderabad, Southern India and deals at INR 38,300-38,400/t on exw basis. Freight is about INR 2,000/t via road delivery.
  
  
• Durgapur based Neo Metaliks has kept steel grade pig iron offer firm at INR 35,500/t exw, however inquiries remain limited, as per officials.
  
  
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 35,000/t exw Jajpur.
  
  
• Central India based steel manufacturers getting pig iron offers from Odisha at INR 36,600-36,800/t FoR Raigarh.
  
  
• Rourkela based manufacturer, Mahavir Ferro Alloys offered billet at INR 38,000/t exw.
  
  
• Raigarh based smelters getting offers of 80 FeM C-DRI mix material from Odisha at around INR 27,600/t FoR Raigarh.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has kept billet offers unchanged to INR 37,500-37,600/t exw Badtumkela.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 26,500/t exw Bellary.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 26,100/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 45,500/t exw Raipur (Up by INR 300/t).
  
  
• BS TMX offers reported at INR 42,500/t exw Raigarh (Up by INR 500/t).
  
  
• Rathi Stelmax TMT offers reported at INR 45,100/t exw Delhi/NCR.
  
  
• Tehiri Mahashakti TMT is offering at INR 44,000/t exw Muzaffarnagar.
  
  
• Mono TMT is offering at INR 47,800/t FoR Ahmedabad (Up by INR 400/t).
  
  
• Polaad TMT offers stable at INR 47,400/t exw Jalna.
  
  
• Shubhlabh TMT offers reported at INR 42,400/t exw Rourkela.
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers stood at $575-580/t exw Durgapur, equivalent to $600-605/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod is hovering at INR 1,500/t & base offers up by INR 300/t to INR 43,300/t exw. Also, trade reference prices in Durgapur surged by INR 300/t to INR 42,000-42,200/t exw Durgapur.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price at INR 42,900/t, and given trade discount by INR 800-1,100/t, current trade reference price of 200 mm Angle is at INR 44,700-45,100/t exw.
  
  

Reference prices as on 5th Mar'21