Indian DRI, billet & rebar update- 16th Oct

The Indian secondary steel market has seen a further fall today as well. As per the assessment, sponge iron & billet prices dropped by INR 100-300/t.

Following the trend, rebar prices also fell by INR 100-500/t, in which a major fall of INR 500/t was noticed in Durgapur due to the holiday mood on account of Durga Pooja in the coming week.

Semi Finished

• Induction grade billet export offers drop by $3/t to $403-405/t exw Durgapur, equivalent to $430/t CPT Nepal, via road delivery.
  
  
• Raipur based sponge P-DRI manufacturers have lowered offers by INR 100-200/t to INR 19,700-19,800/t exw, however inquiries remained limited due to falling billet prices.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 19,500/t & billet at INR 29,800/t exw.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 100-200/t to INR 28,000/t exw.
  
  
• Visa Steels kept offers unchanged for steel grade pig iron at INR 27,300/t exw Jajpur.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 29,500/t exw.
  
  
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 19,800-19,900/t exw Bellary, however no major deals reported from officials.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 19,800/t exw Bellary.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 33,600/t exw Raigarh (Down by INR 200/t).
  
  
• Rathi Stelmax TMT unchanged their offers at INR 37,400/t exw Delhi/NCR.
  
  
• Swarup TMT is offering at INR 34,700/t exw Muzaffarnagar. (Down by INR 200/t).
  
  
• Vinayak TMT has kept offers stable at INR 36,200/t FoR Ahmedabad.
  
  
• Polaad TMT unchanged their offers at INR 35,000/t exw Jalna.
  
  
• ARS 550 D has unaltered offers stable at INR 39,000/t exw Chennai.
  
  

Wire Rod & Structure

• Mid scale mill wire rod export offers stable at around $455/t exw Durgapur, equivalent to $480/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod increases by INR 100/t to INR 1,100-1,300/t, however base price remains firm at INR 34,600/t exw. Durgapur based plants have maintained offers firm at INR 33,500-33,800/t exw.
  
  
• Raipur based heavy structure manufacturers, reduces the offer price by INR 200/t and maintained trade discount by INR 900-1,200/t, current trade price of 200 Angle stood at INR 37,000-37,400/t exw.
  
  

Reference prices as on 16th Oct'20