Indian DRI, billet & rebar update- 22nd Oct

The Indian secondary steel prices increased further by INR 100-450/t today, billet prices moved up by INR 100-450/t & sponge iron prices increased by INR 100-400/t. Following the trend, rebar prices rallied by INR 100-400/t in major markets.

Trade participants in central & eastern India are hopeful for further increase in semis offers, primarily due to strengthening raw material prices along with sufficient orders with the majority of manufacturers.

Raw Material

• BMM Ispat located in Bellary, Karnataka sold around 12,000 t pellets in nearby market at INR 8,600-8,700/t exw.
  
  
• Silicon manganese (60-14) trades reported at INR 58,500/t exw Raigarh.
  
  

Semi Finished

• Induction grade billet export offers increased to $415/t exw Durgapur, equivalent to $435-440/t CPT Nepal, via road delivery.
  
  
• Indian sponge iron export offers increased by $5-10/t to $300/t CPT Benapole, equivalent to $315/t CFR Chittagong. Prices up on account of surge in domestic offers, however no fresh deals, as per exporters.
  
  
• Raipur based sponge P-DRI manufacturers have further raised offers by INR 300/t to INR 20,500-20,700/t exw.
  
  
• Jindal Steel is offering steel grade pig iron at INR 27,400/t exw Raigarh, Central India.
  
  
• Raigarh based smelters getting offers of 80 FeM C-DRI mix material from Odisha at INR 21,400-21,500/t FoR Raigarh.
  
  
• Ind Synergy (Raigarh) offered billet at INR 30,500/t exw (Up by INR 300/t).
  
  
• Durgapur based major pig iron manufacturers- Neo Metaliks & Kajaria Iron have increased steel pig iron offers by INR 500/t to INR 29,000/t exw.
  
  
• Visa Steels concluded deals of around 500 t steel grade pig iron to Durgapur at INR 27,400/t exw Jajpur.
  
  
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 19,900/t exw Bellary.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 20,000/t exw.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 33,700/t exw Raigarh.
  
  
• Century TMT is offering at INR 34,900/t exw Muzaffarnagar (Up by INR 100/t).
  
  
• Vinayak TMT has kept offers at INR 38,200/t FoR Ahmedabad (Up by INR 400/t).
  
  
• Rajuri TMT unchanged offers at INR 35,200/t exw Jalna.
  
  

Wire Rod & Structure

• Trade discounts in Raipur wire rod remained firm at INR 800-1,000/t, however base price increased by INR 200/t to INR 34,800/t exw. Also, Durgapur based plants have raised offers by INR 500/t to INR 33,800-34,200/t exw.
  
  
• Raipur based heavy structure manufacturers, increase the offer price by INR 200/t and maintained trade discount at INR 800-1,100/t, current trade price of 200 Angle stood at INR 37,400-37,800/t exw.
  
  

Reference prices as on 22nd Oct'20