Indian DRI, billet & rebar update- 12th Oct
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Indian secondary steel market reported a hike of around INR 100-700/t today. As per SteelMint's assessment sponge iron prices have increased by INR 200-500/t, following which billet prices also moved up by INR 100-700/t in all the locations.
In the context of finished steel, the rebar market registered a price rise of INR 100-700/t with a major hike of INR 500-700/t in Chhattisgarh & Gujarat (central & western India).
Industry participants stated, supportive demand on increased prices, however, participants are skeptical on sustainability of price hike considering volatility in past couple of weeks.
Semi Finished
- Induction grade billet export offers up by $5/t to $405-407/t exw Durgapur, equivalent to $430/t CPT Nepal, via road delivery.
- Raipur based sponge P-DRI manufacturers have raised offers by INR 500/t to INR 19,500-19,600/t exw & healthy deals reported by officials.
- Durgapur based Neo Metaliks has reported fresh deals for steel grade pig iron at INR 28,200/t exw, up by INR 100-200/t against previous deals.
- Jajpur, Odisha based Visa Steel has kept pig iron prices unchanged and deals for steel grade reported at INR 27,200-27,300/t exw.
Rebar (12 mm)
- Rathi Stelmax TMT unchanged their offers at INR 36,900/t exw Delhi/NCR.
- Century TMT is offering at INR 34,800/t exw Muzaffarnagar.
- Mono TMT offers reported at INR 35,300/t FoR Ahmedabad (Up by INR 800/t).
- Polaad TMT kept offers stable at INR 34,700/t exw Jalna.
- ARS 550 D rebar offers at INR 39,000/t exw Chennai.
Wire Rod, Pipe & Structure
- Mid scale mills wire rod export offers up by $3-5/t to $448-450/t exw Durgapur, equivalent to $475/t CPT Nepal.
- Trade discount in Raipur wire rod dropped by INR 200/t to INR 800-1,000/t also base price gain by INR 200/t to INR 34,200/t exw.
- Trade discount given by Raipur based heavy structure manufacturers is at INR 800-1,100/t, and the current trade price of 200 Angle stood at INR 36,700-37,000/t exw.
Reference prices as on 12th Oct'20
