Indian DRI, billet and rebar update - 21 Dec

Indian spot trades for semi-finished & finished long steel turned dull, which led to a plunge in prices in major locations. However in Durgapur prices have seen a hike of INR 500/t, d-o-d, as in a meeting associations have decided to increase conversion spread, especially for induction operators.

According to SteelMint's assessment, billet and rebar prices have dropped by INR 100-700/t, however prices increased by INR 400-700/t in Durgapur, Chennai and Bangalore. Also, sponge iron prices dropped by INR 100-300/t, whereas a slight hike of INR 200/t was noticed in Durgapur.

Raw Material

• BMM Ispat sold around 5,000 t pellets in nearby market at INR 12,000/t exw Bellary.
  
  
• Bellary based sponge manufacturer booked 8,000 t Rb2 coal at INR 6,200/t from Krishnapatnam port.
  
  

Semi Finished

• Raipur based sponge manufacturers have offered P-DRI at INR 26,300-26,500/t exw, however no fresh deals reported, while few volumes traded at around INR 26,000/t FoR Raipur from Raigarh.
  
  
• Steel grade pig iron prices continued to rally in eastern region due to temporary supply shortage & active demand. Today, fresh offers of steel grade pig iron reported at INR 35,200-35,400/t exw Durgapur.
  
  
• Odisha based sponge supplier sold around 1,000 t FeM 80 C-DRI lumps to Jalna (Maharashtra) at around INR 29,200/t FoR Jalna.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 26,900/t & billet at INR 37,500/t exw Badtumkela.
  
  
• Visa Steels concluded deals of around 500 t steel grade pig iron to Durgapur at INR 34,200/t exw Jajpur.
  
  
• Wada (Maharashtra) based mills sourcing FeM 80 C-DRI lumps from Bellary at around INR 28,800-29,000/t on FoR basis.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,000/t exw Bellary
  
  

Rebar (12 mm)

• GK TMT is offering at INR 45,000/t exw Raipur.
  
  
• BS TMX TMT offers reported at INR 42,200/t exw Raigarh (Down by INR 500/t).
  
  
• Century TMT offers assessed at INR 42,000/t exw Muzaffarnagar (Down by 500/t).
  
  
• Kalika TMT is offering at INR 46,500/t exw Jalna.
  
  
• Mono TMT is offering at INR 47,000/t FoR Ahmedabad.
  
  
• Odisha based Rungta TMT offers reported at INR 43,000/t exw Kasira.
  
  
• A one Gold TMT offers reported at INR 48,800/t exw Bellary.
  
  
• ARS 550 D offers reported at INR 49,300/t exw Chennai.
  
  

Wire Rod and Structure

• Trade discounts in Raipur rod up by INR 300-500/t to INR 800-1,000/t, however base offer stable at INR 44,000/t exw. Also, prices in Durgapur went up by INR 500/t to INR 43,500-44,000/t exw.
  
  
• Raipur based heavy structure manufacturers, increase the base price by INR 500/t to INR 43,000/t, and trade discount hovering at INR 600-1,000/t, current trade price of 200 Angle is at INR 45,100-45,400/t exw.
  
  

Reference prices as on 21st Dec'20