Indian DRI, billet and rebar update - 23 Mar

Indian secondary steel market remained dull in terms of prices as it moved down further upto INR 500/t ($7), d-o-d basis. However, spot trades improved on falling prices, specially in Central region, Raipur, where SteelMint's daily billet index recorded about 6,200 t trades as against 3,770 yesterday (i.e. 22 Mar).

According to the price assessment, the domestic sponge iron and billet offers have dropped by INR 100-500/t in most of the regions. However market was stable for sponge iron in Eastern & Southern part of India where offers were marginally strong by INR 100/t. Also, rebar prices have fallen by INR 100-500/t nationwide.

Semi Finished

• Induction grade billet export offers slightly drop by $2-4/t to $545-548/t exw Durgapur, equivalent to $575/t CPT Nepal.
  
  
• Raipur based sponge P-DRI manufacturers have lower offers by INR 100/t to INR 27,300/t exw, however deals assessed at around INR 27,000-27,200/t exw.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron offer firm at INR 35,600-35,700/t exw.
  
  
• Jharsuguda, Odisha based sponge supplier sold around 1,000 t FeM 80 P-DRI at around INR 27,100/t FoR Raipur.
  
  
• Visa Steels concluded deals of around 500 t FeM 80 sponge C-DRI (mix material) in local region at INR 27,100/t exw Jajpur.
  
  
• Odisha based plant - Jai jagannath sponge offered billet at INR 38,000/t & C-DRI mix material at INR 27,200/t exw Dhenkanal.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 37,800/t exw Badtumkela (Down by INR 500/t).
  
  
• Hare Krishna concluded deals of FeM 79-80 C-DRI lumps in local region at INR 25,500/t exw Bellary.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,600/t exw Bellary. However no major deals reported from officials.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 24,800/t exw Bellary & around 2,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT kept offers stable at INR 45,700/t exw Raipur.
  
  
• BS TMX offers reported at INR 42,600/t exw Raigarh (Down by INR 100/t).
  
  
• Metalics 550D TMT offers reported at INR 44,800/t exw Sambalpur (Down by INR 200/t).
  
  
• Rathi Stelmax TMT offers reported at INR 45,400/t exw Delhi/NCR.
  
  
• Swarup TMT is offering at INR 43,300/t exw Muzaffarnagar (Down by INR 500/t).
  
  
• Mono TMT offers unchanged at INR 46,900/t FoR Ahmedabad.
  
  
• Polaad TMT kept offers stable at INR 47,200/t exw Jalna.
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers fall to around $595-597/t exw Durgapur, equivalent to $625/t CPT Nepal.
  
  
• Trade discount in Raipur wire rod is hovering at INR 1,300-1,500/t & trade reference price down by INR 200/t to INR 41,600-41,900/t exw. Also, prices in Durgapur fell by INR 200/t to INR 42,600-42,800/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 44,500-44,900/t exw.
  
  

Reference prices as on 23rd Mar'21