Indian DRI, billet and rebar update - 22 Mar

Spot trades in Indian secondary steel market remained modest and the prices have fluctuated by INR 100-600/t today.

As per market participants, disparity between bids & offers resulted in price volatility. Buyers are less interested to book material on rising prices looking at festive holidays in coming days along with uncleared market trends.

As per SteelMint's assessment, the domestic sponge iron offers have raised by INR 100-400/t with a major hike of INR 400/t seen at Bellary. However, the billet market was volatile and prices have fluctuated by INR 100-600/t across many regions. In addition to this, rebar offers have been raised by INR 100-300/t in most of the locations, whereas, a drop of INR 200/t was registered in Muzaffarnagar.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,000/t exw Bellary (Down by INR 400/t).
  
  

Semi Finished

• Few parcels of Induction grade billet export deals assessed at $547-550/t exw Durgapur, equivalent to $575-580/t CPT Nepal.
  
  
• Raipur based sponge P-DRI manufacturers have offered at INR 27,400/t exw, however deals reported at around INR 27,300/t on exw & FoR Raipur basis.
  
  
• Neo Metaliks in Durgapur has reported steel grade pig iron trades at INR 35,600-35,700/t exw.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 27,400/t FoR Raipur.
  
  
• Odisha based plant - Jai jagannath sponge offered billet at INR 38,300/t & C-DRI mix material at INR 27,300/t exw Dhenkanal.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 38,400/t exw Badtumkela.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,700-24,800/t exw Bellary & around 4,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 45,700/t exw Raipur (Up by INR 300/t).
  
  
• Shrishtii TMT offers reported at INR 43,000/t exw Raigarh.
  
  
• Metalics 550D TMT offers reported at INR 45,000/t exw Sambalpur (Up by INR 500/t).
  
  
• Swarup TMT is offering at INR 43,800/t exw Muzaffarnagar (Up by INR 200/t).
  
  
• Mono TMT is offering at INR 46,900/t FoR Ahmedabad (Up by INR 300/t).
  
  
• Kalika TMT kept offers stable at INR 47,200/t exw Jalna.
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at around $600/t exw Durgapur, equivalent to $625-630/t CPT Nepal. However no major deals due to disparity between bids & offers.
  
  
• Trade discount in Raipur wire rod is hovering at INR 1,000-1,300/t & trade reference price up by INR 100/t to INR 41,800-42,100/t exw. However in Durgapur prices unchanged at around INR 42,800-43,000/t exw.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 43,000/t, and given trade discount by INR 1,000-1,200/t, current trade reference price of 200 mm angle is at INR 44,600-45,000/t exw.
  
  

Reference prices as on 22nd Mar'21