Indian DRI, billet & rebar update -1 Dec

Indian spot steel trades continued to remain supported and the prices have increased upto INR 700/t ($9.5), today.

As per daily assessment, sponge iron prices rallied by INR 100-700/t & billet, rebar prices have moved up by INR 100-600/t in the majority of the markets.

Participants are hopeful for further support in price range with sufficient orders in hand, recent price hike announcement in finished steel by primary mills along with prevailing positive global trends.

Semi Finished

• Raipur based sponge producers have kept P-DRI offers stable INR 24,900-25,000/t, however few deals learned at INR 24,800-900/t exw.
  
  
• Neo Metaliks has raised steel grade pig iron offer by INR 500/t to INR 30,700-800/t exw Durgapur & few deals reported.
  
  
• Induction grade billet export offers unchanged at $480/t exw Durgapur, equivalent to $505/t CPT Nepal.
  
  
• Indian sponge iron export offers more or less firm & about 6,000 t deals reported at $357-359/t CPT Benapole, equivalent to $373-375/t CFR Chittagong, Bangladesh.
  
  
• Visa Steels offering steel grade pig iron at INR 30,000/t exw Jajpur (Up by INR 200/t).
  
  
• Raigarh based Singhal Steel offered billet at INR 34,800/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 24,200/t & billet at INR 34,800/t exw.
  
  
• BMM Ispat increased offers by INR 700/t for FeM 80 P-DRI lumps to INR 25,000/t exw Bellary & only 1,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 37,800/t exw Raigarh (Up by INR 100/t).
  
  
• Rathi Stelmax TMT offer reported at INR 40,900/t exw Delhi/NCR.
  
  
• Mono TMT is offering offer INR 41,500/t FoR Ahmedabad.
  
  
• Polaad TMT kept offer stable at INR 41,000/t exw Jalna.
  
  
• Sangam TMT is offering at INR 40,500/t exw Wardha
  
  

Wire Rod & Structure

• Raipur based heavy structure manufacturers, kept the offer stable and given trade discount at INR 400-800/t, current trade price of 200 Angle is stood at INR 41,300-41,700/t exw.
  
  
• Trade discounts in Raipur wire rod increased by INR 400/t to INR 800-1,000/t, also base offers up by INR 400/t to INR 40,000/t exw. The manufacturers in Durgapur also raised offers by INR 500/t to INR 39,500-39,800/t exw.
  
  
• Mid scale mills wire rod export offers up by $5/t to $535-540/t exw Durgapur (excluding loading charges), equivalent to $560-565/t CPT Nepal.
  
  

Reference prices as on 1st Dec'20