Indian DRI, billet and rebar update - 8 Feb

Indian secondary steel market has observed an increase in prices today upto INR 700/t ($10), d-o-d.

In context to daily price assessment, sponge iron and billet prices have moved up by INR 100-700/t in many regions having a sharp increase in billet prices by around INR 700/t at Hyderabad. In line, rebar prices rose by INR 100-500/t, however Chennai market has observed a slight fall of INR 200/t d-o-d.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 9,800/t exw Bellary (Down by INR 200/t).
  
  

Semi Finished

• Indian Induction grade billets export offers to Nepal is hovering at $460-465/t exw Durgapur.
  
  
• Raipur based sponge P-DRI manufacturers have reported sufficient deals on floated offers at around INR 23,000/t exw.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 31,000-31,200/t exw.
  
  
• As per market sources, Jharkhand based Atibir Industries has shut down its one blast furnace since a couple of days and the daily production loss is reported about 800 t.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 22,200/t & billet at INR 32,800/t exw.
  
  
• Raigarh based Singhal Steel offered billet at INR 32,800/t exw (Up by INR 500/t).
  
  
• Rourkela based manufacturer, Mahavir Ferro Alloys offered billet at INR 33,000/t exw.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 33,800/t exw Badtumkela. (Up by INR 300/t).
  
  
• Karnataka based steel manufacturer concluded billet export deal of around 5,000 t to Columbo at $497/t FoB, Size - 100x100 mm, 3sp.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 22,100/t exw Bellary (Up by INR 400/t).
  
  

Rebar (12 mm)

• GK TMT kept offer stable at INR 40,300/t exw Raipur.
  
  
• BS TMX offers unchanged & reported at INR 37,400/t exw Raigarh.
  
  
• Wonder Gold TMT is offering at INR 38,000/t exw Muzaffarnagar.
  
  
• Mono TMT unchanged their offer at INR 41,950/t FoR Ahmedabad.
  
  
• Kalika TMT offer reported at INR 42,400/t exw Jalna.
  
  
• A One Gold TMT offers reported at INR 42,800/t exw Bellary.
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers slightly up to around $510-515/t exw Durgapur, equivalent to $535-540/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod is hovering at INR 1,400/t & current trade reference price stood at INR 36,500-36,700/t exw Raipur & INR 37,200/t exw Durgapur.
  
  
• Raipur based heavy structure manufacturers, kept stable their base price at INR 38,500/t and given trade discount by INR 800-1,100/t, current trade reference price of 200 mm Angle is at INR 40,500-40,900/t exw.
  
  

Reference prices as on 8th Feb'21