Indian DRI, billet and rebar update - 8 Mar

Spot trades in Indian secondary steel market remained dull today and the prices have declined up to INR 800 ($ 11) d-o-d.

According to the SteelMint's assessment, domestic sponge iron and billet prices have fallen by INR 100-600/t, with a major drop in billet prices seen at around INR 800/t in Western India (Including Ahmedabad & Mumbai). In addition to it, the rebar market has also seen a downfall by INR 100-600/t across major locations.

Trade participants reported that, with falling prices finished steel demand also remained subdued, this seems the major factor behind rigorous drop in offers through the mid sized plants.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,500/t exw Bellary (Down by INR 100/t).
  
  

Semi Finished

• Induction grade billet export offers stood at around $510-515/t exw Durgapur, equivalent to $535-540/t CPT Nepal.
  
  
• Durgapur based Neo Metaliks has reported steel grade pig iron deals at INR 35,600-35,700/t exw.
  
  
• Raipur based sponge P-DRI manufacturers have further lower offers to INR 27,000/t exw, however deals learned mostly from outside plants at INR 27,000/t FoR Raipur.
  
  
• Visa Steels concluded deals of around 500 t FeM 80 sponge C-DRI (mix material) in local region at INR 26,500-26,600/t exw Jajpur.
  
  
• Central India based steel manufacturers getting pig iron offers from Odisha at INR 36,800-37,000/t FoR Raigarh.
  
  
• Jharsuguda, Odisha based sponge supplier sold around 1,200 t FeM 80 P-DRI at around INR 27,000/t FoR Raipur.
  
  
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 37,200/t exw Badtumkela (Down by INR 200-300/t).
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 25,800/t exw Bellary (Down by INR 300/t).
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 42,200/t exw Raigarh (Down by INR 500/t).
  
  
• Rathi Stelmax TMT kept offers stable at INR 45,100/t exw Delhi/NCR.
  
  
• Century TMT is offering at INR 42,200/t exw Muzaffarnagar.
  
  
• Mono TMT is offering at INR 47,500/t FoR Ahmedabad (Down by INR 300/t).
  
  
• Polaad TMT offers unchanged at INR 47,400/t exw Jalna.
  
  

Wire Rod and Structure

• Mid scale mills concluded few small parcels for wire rod exports at around $563-565/t exw Durgapur, equivalent to $590/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod are hovering at INR 2,000/t & base offers dropped by INR 500/t to INR 42,800/t. Also, trade reference prices in Durgapur fell by INR 600/t to INR 41,200-41,400/t exw.
  
  
• Raipur based heavy structure steel manufacturers, kept stable the base price at INR 42,900/t, and given trade discount by INR 1,100-1,400/t, current trade reference price of 200 mm Angle is at INR 44,500-44,800/t exw.
  
  

Reference prices as on 8th Mar'21