Indian DRI, billet & rebar update-17th Nov

Indian spot steel market continued to remain supported today and the prices have increased upto INR 1,200/t ($16). As per daily assessment, sponge iron prices rallied by INR 600-1,200/t, billet prices moved up by INR 200-1,250/t & rebar prices by INR 200-1,100/t in the majority of the markets.

The trade participants in central India stated that billet prices are likely to remain strong following price rally in raw material and hike in sponge prices.

Raw Material

• BMM Ispat sold around 5,000 t pellets in nearby market at INR 10,500/t exw Bellary.
  
  

Semi Finished

• Indian sponge iron export offers to Bangladesh up by $10/t in fresh deals at $345-350/t CPT Benapole, equivalent to $360-365/t CFR Chittagong.
  
  
• Induction grade billet export offers stood at $462-465/t exw Durgapur, equivalent to $490/t CPT Nepal, via road delivery.
  
  
• Raipur based sponge makers have reported deals for P-DRI at INR 25,300-25,400/t against offers of INR 25,500/t exw, prices up by INR 900/t, d-o-d.
  
  
• Raipur based mills sourcing Sponge C-DRI mix material from Odisha at around INR 24,500/t exw Jajpur.
  
  
• Neo Metaliks in Durgapur has reported fresh deals for steel grade pig iron at INR 30,600/t exw, while in the last week same was trading at INR 30,200-30,300/t, exw.
  
  
• Visa Steels concluded deals of around 900 t steel grade pig iron in local market at INR 30,000/t exw Jajpur.
  
  
• Odisha based sponge manufacturer sold around 800 t C-DRI mix material to Mandi Gobindgarh at INR 24,500/t exw Rourkela and freight cost cited at INR 3,200/t via road.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 24,300/t exw Bellary (Up by INR 400/t).
  
  
• BMM Ispat increased offers by INR 500-600/t for FeM 80 P-DRI lumps to INR 24,100/t exw Bellary & around 5,000 t deals reported in nearby region.
  
  

Rebars (12 mm)

• GK TMT is offering at INR 39,800/t exw Raipur (Up by INR 800/t).
  
  
• Shrishtii TMT offers reported at INR 37,500/t exw Raigarh (Up by INR 800/t).
  
  
• Rathi Stelmax TMT is offering at INR 40,100/t exw Delhi/NCR.
  
  
• Mono TMT is offering at INR 40,200/t FoR Ahmedabad.
  
  
• Kalika TMT offers assessed at INR 39,900/t exw Jalna (Up by INR 400/t).
  
  
• Akshat TMT offers reported at INR 40,200/t FoR Ahmedabad.
  
  

Wire Rod

• Mid scale mills wire rod export offers reported at $515-520/t exw Durgapur, equivalent to $545/t CPT Nepal. However no major fresh deals due to significant surge in offers.
  
  
• Trade discount in Raipur wire rod remained firm at INR 500-600/t, however base price rallied by INR 1,000/t to INR 39,000/t exw. Also offers in Durgapur moved up by INR 300/t to INR 38,500-38,800/t exw.
  
  

Reference prices as on 17th Nov'20