Indian DRI, billet & rebar update- 17th Aug

Indian steel prices remained supported today despite average trades. Sponge iron prices increased by INR 200-800/t in all the markets. In addition to it, billet prices rallied by INR 200-800/t, following the trend rebar prices also moved up by INR 100-600/t across regions.

Sources believe that, semi finished prices are likely to remain supported due to limited conversions among Ingot/billet & rebar makers in major locations.

Raw Material

• South African RB2 (5500 NAR) coal offers are assessed at $42/t on FoB basis & $54/t CNF India.
  
  
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 61,800-62,000/t exw.
  
  

Semi Finished

• Indian Induction grade billet (100*100 mm) export offers hovering at $421-423/t exw Durgapur, equivalent to $445-450/t CPT Nepal, via road delivery.
  
  
• Raipur based major sponge iron manufacturers have reported average deals on increased P-DRI price at INR 21,500-21,600/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 20,900/t & billet at INR 31,600/t exw.
  
  
• Singhal Steel offered billet at INR 31,500/t exw Raigarh.
  
  
• Durgapur based Neo Metaliks has raised steel grade pig iron price by INR 300/t to INR 29,800/t exw & few deals reported in local market.
  
  
• Electrosteels based in Bokaro, Jharkhand has increased steel grade pig iron price by INR 300-500/t to INR 29,800/t exw.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 31,200/t exw.
  
  
• Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 21,500/t exw.
  
  
• BIOP Steels in Karnataka has increased sponge prices by INR 300/t, offering FeM 80 C-DRI lumps at INR 20,300/t exw.
  
  

Rebar (12 mm)

• Shrishti TMT offers reported at INR 34,700/t exw Raigarh (Up by INR 200/t).
  
  
• Rathi Stelmax TMT offers unchanged at INR 37,500/t exw Delhi/NCR.
  
  
• Radhe TMT is offering at INR 34,800/t exw Raigarh.
  
  
• Polaad TMT offer stable at INR 35,500/t exw Jalna.
  
  
• Diamond TMT unchanged their offer INR 36,800/t FoR Ahmedabad.
  
  
• Bajrangbali Re-rollers is offering rebar at INR 34,700/t exw Rourkela.
  
  
• Triple Power is offering at INR 36,000/t exw Chennai.
  
  

Wire Rod & Pipe

• ERW Pipe manufacturers have increased offers by INR 400-500/t to INR 36,900-37,000/t exw Raipur.
  
  
• Trade discount in Raipur wire rod is hovering at INR 1,000-1,200/t with increase in base price by INR 600/t to INR 35,600/t exw. Also in Durgapur trade reference prices rally by INR 800/t to INR 34,800-35,000/t exw.
  
  

Reference prices as on 17th Aug'20