Indian DRI, billet & rebar update- 21st Oct

The Indian secondary steel market sentiments remained optimistic as prices continued to move up today as well. As per the SteelMint's assessment, sponge iron prices have increased marginally by INR 50-100/t & billet prices by INR 50-400/t, across major markets.

In addition to that, rebar prices have noticed a fluctuation of INR 100-600/t. However in western India offers increased sharply by INR 200-600/t, whereas in few markets it dropped by INR 100-500/t, d-o-d.

Participants in central India are expecting prices to remain supported on account of active demand and tighter raw material supply.

Semi Finished

• Induction grade billet export offers increased to $406-408/t exw Durgapur, equivalent to $432-435/t CPT Nepal, via road delivery.
  
  
• Indian exporters concluded about 5,000 t sponge C-DRI deals to Bangladesh at $290-295/t CPT Benapole, equivalent to $300-305/t CFR Chittagong.
  
  
• Raipur based sponge P-DRI manufacturers have further raised offers by INR 100/t to INR 20,300-20,400/t & about 1,000-1,500 t deals reported by a couple of plants at INR 20,200-20,300/t exw.
  
  
• Raigarh based smelters getting offers of 80 FeM C-DRI mix material from Odisha at INR 20,800/t FoR Raigarh.
  
  
• Neo Metaliks in Durgapur has reported limited availability of pig iron & offers for steel grade at INR 28,500/t exw.
  
  
• Jajpur, Odisha based sponge manufacturer sold around 2,000 t C-DRI mix material to Raipur at INR 20,100/t exw and freight cost cited at INR 1,000/t via road.
  
  
• Visa Steels concluded deals of around 500 t steel grade pig iron to Durgapur at INR 27,200/t exw Jajpur.
  
  
• BMM Ispat increased offers by INR 100/t for FeM 80 P-DRI lumps to INR 19,800/t exw Bellary, however no major deals reported from officials.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 19,900/t exw.
  
  

Rebar (12 mm)

• GK TMT offer is stable at INR 35,500/t exw Raipur.
  
  
• Rathi Stelmax TMT unchanged offers at INR 36,800/t exw Delhi/NCR.
  
  
• Shrishtii TMT kept offers unchanged & reported at INR 34,000/t exw Raigarh.
  
  
• Paras TMT is offering at INR 34,600/t exw Muzaffarnagar (Down by INR 100/t).
  
  
• Vinayak TMT kept offers at INR 37,800/t FoR Ahmedabad (Up by INR 700/t).
  
  
• Polaad TMT is offering at INR 35,200/t exw Jalna (Up by INR 200/t).
  
  

Wire Rod & Structure

• Mid scale mills wire rod export offers hovering at $455-458/t exw Durgapur, equivalent to $480-485/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod slightly drop by INR 200/t to INR 800-1,000/t, however base price remains firm at INR 34,600/t exw. Also, in Durgapur plants kept offers unchanged at INR 33,400-33,800/t exw.
  
  
• Raipur based heavy structure manufacturers, have increased the offer price by INR 200/t and maintained trade discount at INR 900-1,200/t, current trade price of 200 Angle stood at INR 37,200-37,600/t exw.
  
  

Reference prices as on 21st Oct'20