Indian DRI, billet & rebar update-19th Nov

Indian spot steel prices fluctuated further today. As per daily assessment, the sponge iron market has noticed a slight fall in prices by around INR 100-200/t in most of the regions. However the prices increased marginally in Rourkela & Mandi by INR 100-200/t.

Although, billet prices have moved up by INR 50-500/t & rebar prices by INR 100-400/t in the majority of the markets.

Trade sources are anticipating further support in semis price on account of strengthening global scrap prices along with tight availability of sponge iron & raw materials in Indian domestic market.

Raw Material

• BMM Ispat sold around 10,000 t pellets in nearby market at INR 11,000/t exw Bellary.
  
  

Semi Finished

• Induction grade billet export offers stood at $470-472/t exw Durgapur, equivalent to $495-500/t CPT Nepal.
  
  
• Indian sponge iron export offers to Bangladesh remained strong & fresh deals reported at $360/t CPT Benapole, (equivalent to $375/t CFR Chittagong).
  
  
• Raipur based sponge producers have maintained P-DRI offers firm at INR 25,500-25,600/t exw and sufficient deals have been reported.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 24,500/t & billet at INR 35,000/t exw.
  
  
• Raigarh based BS Sponge offered P-DRI at INR 24,500/t & Billet at INR 34,800/t exw.
  
  
• Rashmi Metaliks has offered sponge P-DRI at INR 25,000/t FoR Durgapur, as per market sources.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered billet at INR 34,400/t exw Badtumkela.
  
  
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 24,600/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT kept stable their offer at INR 40,300/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 37,600/t exw Raigarh.
  
  
• Swarup TMT offers assessed at INR 38,200/t exw Muzaffarnagar.
  
  
• Vibrant TMT offers reported at INR 40,500/t FoR Ahmedabad.
  
  
• Kalika TMT is offering at INR 40,500/t exw Jalna (Up by INR 200/t).
  
  

Wire Rod & Structure

• Mid scale mills wire rod export offers hovering at $530/t exw Durgapur, equivalent to $555/t CPT Nepal, via road delivery.
  
  
• Trade discounts in Raipur wire rod stood at INR 600-800/t along with steady base offers at INR 39,300/t exw. Also, prices are mostly firm in Durgapur at INR 39,000-39,200/t exw.
  
  
• As per trade sources, Steel Authority of India (SAIL) has raised domestic wire rod offers by INR 1,500/t (w.e.f. 19 Nov) & fresh offers of high carbon wire rod reported at INR 44,300-44,500/t exw Burnpur plant.
  
  
• Raipur based heavy structure manufacturers, unchanged their base price at INR 39,000/t exw, and maintained trade discount at INR 300-600/t, current trade price of 200 Angle assessed at INR 41,200-41,600/t exw.
  
  

Reference prices as on 19th Nov'20