Indian DRI, billet and rebar update - 26 Feb

Spot trades in the Indian secondary steel market were supportive today as demand continued to pick up in the Central & Western part of India and prices have increased up to INR 900/t ($12) d-o-d.

As per the price assessment, domestic sponge iron and billet prices have gained up by INR 100-600/t in many regions, however a sharp hike of around INR 900/t was noticed in Raipur (Central India) on account of healthy trades. Also, the rebar market has shown a supportive trend and prices have increased by INR 100-700/t across major locations.

Sources are expecting further support in Indian steel prices on account of active demand, improving export demand for raw materials & active billet buying in China at increased prices.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,400-11,500/t exw Bellary (Up by INR 100-200/t).
  
  
• Jsw Ispat Special Products Limited offered 60-14 silico manganese at INR 71,000/t exw Raipur- Officials.
  
  

Semi Finished

• Induction grade billet export offers stood at $510-515/t exw Durgapur, equivalent to $540/t CPT Nepal, via road delivery.
  
  
• Durgapur based Neo Metaliks has maintained steel grade pig iron offer firm at INR 35,000/t exw.
  
  
• Raipur based sponge manufacturers have sharply raised P-DRI offers by INR 700-800/t to INR 26,800-27,000/t & deals reported.
  
  
• Ind Synergy offered P-DRI at INR 26,000/t exw Raigarh.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 37,000/t exw Badtumkela.
  
  
• Hare Krishna has offered FeM 79-80 P-DRI lumps at INR 26,000/t exw Bellary. However no major deals reported from officials.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,800/t exw Bellary (Up by INR 300/t).
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,400-25,500/t exw Bellary & around 2,500 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 44,300/t exw Raipur (Up by INR 300/t).
  
  
• Shrishtii TMT offers reported at INR 42,400/t exw Raigarh (Up by INR 500/t).
  
  
• Rathi Stelmax TMT is offering at INR 44,850/t exw Delhi/NCR (Up by INR 600/t).
  
  
• Tehiri Maha Shakti TMT offers reported at INR 43,000/t exw Muzaffarnagar.
  
  
• Mono TMT is offering at INR 46,350/t FoR Ahmedabad (Up by INR 400/t).
  
  
• Polaad TMT is offering at INR 46,200/t exw Jalna (Up by INR 200/t).
  
  

Wire Rod and Structure

• Trade discounts in Raipur wire rod stood at INR 500-700/t & base price up by INR 500/t, following which trade reference price up by INR 800/t to INR 41,800-42,000/t exw. Also, prices in Durgapur surged by INR 200/t to INR 41,500-41,700/t exw.
  
  
• Raipur based heavy structure steel manufacturers, increase the base price of 150 mm Channel by INR 300/t to INR 42,300/t, and maintained trade discount by INR 600-900/t, current trade reference price of 200 mm Angle is at INR 44,200-44,600/t exw.
  
  

Reference prices as on 26th Feb'21