Indian DRI, billet & rebar update-16th Nov

Indian semis & finished long steel prices gained further today by INR 200-1,000/t due to rising raw material prices as well expectations for further strengthening in steel prices. However there were minimal activities today in most of the major markets on account of the festive holiday mood.

Industry sources believe with resumption in trade activities, steel demand is likely to remain robust, this may lead to further surge in price range.

The offers of pellets increased further in central & eastern India and recorded all time high as per SteelMint's assessment. Following hike in fines price along with active demand from the domestic sponge makers, has influenced pellet makers to keep offers strong.

Raw Material

• Silicon manganese (60-14) trades assessed at INR 58,750-59,000/t exw Raipur.
  
  

Semi Finished

• Raipur based major sponge makers hold offers, however indicative price reported at INR 24,500-24,600/t exw.
  
  
• Few small parcels of billet (size 125 mm) have been sold by Raipur based manufacturers to Jalna (Maharashtra) at INR 34,400-34,500/t exw, on 14th Nov'20. The freight cost via road delivery reported at INR 1,700/t.
  
  
• Durgapur based private pig iron producers have raised their offers by INR 200-300/t and steel grade offers reported at INR 30,400-30,600/t exw.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 39,000/t exw Raipur (Up by INR 400/t).
  
  
• Kalika TMT offers assessed at INR 39,500/t exw Jalna (Unchanged).
  
  
• Sangam TMT offers reported at INR 38,500/t exw Wardha (Up by INR 1,000/t).
  
  
• ARS 550 D offers reported at INR 40,500/t exw Chennai.
  
  

Wire Rod

• Trade discounts in Raipur wire rod are hovering at INR 500-600/t, however base price increased further by INR 500/t to INR 38,000/t exw. Also offers in Durgapur moved up by INR 800/t to INR 38,300-38,500/t exw.
  
  

Reference prices as on 16th Nov'20