Indian DRI, billet and rebar update - 3 Dec

Indian secondary steel market remained supportive and the prices have increased up to INR 600/t ($8), today as well.

As per SteelMint's assessment, sponge iron prices have moved up by INR 50-400/t, however, billet market has observed a fluctuation in prices by INR 50-600/t, in which sharp surge of INR 500-600/t recorded in Chennai & Goa, while remaining markets observed slight fluctuation of INR 100-200/t, d-o-d,

In context to finished steel, rebar prices have increased by INR 200-600/t in most of the regions, following surge in semis offers & active demand.

Raw Material

• BMM Ispat sold around 10,000 t pellets in nearby market at INR 11,300/t exw Bellary.
  
  
• Singhal Steel, Raigarh based manufacturer has kept offer unchanged for 60-14 silico manganese at INR 61,200/t exw.
  
  
• Bellary based sponge manufacturer booked 1,000 t Rb2 coal at INR 6,000/t from Krishnapatnam port.
  
  

Semi Finished

• Indian sponge iron export deals reported an increase in price range by $5-10/t to $370-375/t CPT Benapole, equivalent to $385-390/t CFR Chittagong, Bangladesh.
  
  
• Induction grade billet export offers stable at around $490/t exw Durgapur, equivalent to $515/t CPT Nepal, however inquiries slowdown due to sharp surge in offers in the last couple of days.
  
  
• Raipur based sponge producers have increased P-DRI offers by INR 100/t to INR 25,300-25,500/t & trades reported at INR 25,200-25,300/t exw.
  
  
• Monnet Ispat has offered sponge DR-CLO grade at INR 27,200/t & P-DRI at INR 25,300/t exw Raipur.
  
  
• Raigarh based Singhal Steel offered P-DRI at INR 24,700/t & billet at INR 35,200-35,300/t exw.
  
  
• Neo Metaliks has sharply raised steel grade pig iron price by INR 700-800/t to INR 31,500/t exw Durgapur, however no fresh deals, as indicated by officials.
  
  
• Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 25,500/t exw.
  
  
• BMM Ispat increased offers by INR 400/t for FeM 80 P-DRI lumps to INR 25,600/t exw Bellary.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 38,500/t exw Raigarh (Down by INR 200/t).
  
  
• GK TMT unchanged their offer at INR 41,200/t exw Raipur.
  
  
• Mono TMT is offering at INR 42,500/t FoR Ahmedabad (Up by INR 1,000/t).
  
  
• Kalika TMT kept offer stable at INR 41,300/t exw Jalna.
  
  
• A One Steel & Alloys concluded a deal of around 1,500 t rebar at INR 43,300/t exw Bellary.
  
  

Wire Rod & Structure

• Mid scale mills wire rod export offers up by $5/t to $545-550/t exw Durgapur, equivalent to $570-575/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod up by INR 200/t to INR 700-900/t, also base offers up by INR 200/t to INR 40,500/t exw. Also, offers in Durgapur slightly up by INR 100-200/t to INR 40,200-40,500/t exw.
  
  
• Raipur based heavy structure manufacturers, increase the base price by INR 300/t to INR 40,100/t, and maintained trade discount at INR 500-800/t, current trade price of 200 Angle assessed at INR 42,200-42,600/t exw.
  
  

Reference prices as on 3rd Dec'20