Indian DRI, billet & rebar update- 22nd Sep

The Indian spot steel market registered further drop in prices today. Sponge iron prices have declined by INR 100-400/t, while billet prices fell by INR 100-500/t in all the regions. Also, rebar prices noticed a downfall of INR 100-500/t in the majority of the markets.

Trade sources reported limited spot trades, hence there are indications that prices may fall further slightly, specifically in central India.

Raw Material

• Silicon Manganese (60-14) deals reported at with INR 59,500-60,000/t exw Raipur, central India.
  
  

• Indian sponge iron export offers declined by $5/t to $305/t CPT Benapole, equivalent to $320-325/t CFR Chittagong, Bangladesh. However, as per exporters, few bids are at less price of $5-10/t than prevailing offers.
  
  
• Induction grade billet (100*100 mm) export offers stood at $398-400/t exw Durgapur, equivalent to $425/t CPT Nepal, via road delivery.
  
  
• Raipur based sponge manufacturers have further reduced P-DRI offers by INR 300/t to INR 19,100-19,200/t & total of around 4,500 t deals reported at near to INR 19,100/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 18,700/t & billet at INR 28,900/t exw.
  
  
• Kajaria Iron, a merchant pig iron supplier in Durgapur has slightly declined pig iron price by INR 100/t to INR 28,200/t exw.
  
  
• Visa Steels kept offers unchanged for steel grade pig iron at INR 27,500/t exw Jajpur.
  
  
• Jharkhand Ispat has reduced P-DRI offers by INR 200/t to INR 19,800/t exw Giridih.
  
  
• Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 20,600/t & Sponge mix material (60:40) at INR 20,300/t exw.
  
  
• Bokaro based a primary mill sold about 1,000 t steel grade pig iron at INR 27,700/t, prices dropped by INR 300/t against deals during last week at INR 28,000/t exw.
  
  
• Odisha based manufacturer, KJS Ahluwalia offered billet & Sponge mix material at INR 29,400/t & INR 20,000/t exw.
  
  
• BMM Ispat has kept offers unaltered for FeM 80 P-DRI lumps at INR 18,600-18,700/t exw Bellary. However no major deals reported from officials.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 35,000/t exw Raipur (Down by INR 300/t).
  
  
• Shrishtii TMT offers reported at INR 32,900/t exw Raigarh (Down by INR 600/t).
  
  
• Rathi Stelmax TMT reduced offers at INR 36,000 exw Delhi/NCR (Down by INR 800/t).
  
  
• Swarup TMT offers reported at 34,300 exw Muzaffarnagar (Down by INR 200/t).
  
  
• Mono TMT kept offers stable at INR 34,700 FoR Ahmedabad.
  
  
• Kalika TMT unchanged their offer at INR 34,100 exw Jalna.
  
  

Wire Rod, Pipe & Structure

• Durgapur based mid scale mills wire rod (5.5 mm) export offers reported at $443-445/t exw, equivalent to $470/t CPT Nepal.
  
  
• Trade discount in Raipur wire rod is hovering at INR 1,200/t, however base price reduced by INR 200/t to INR 34,000/t exw. Also, in Durgapur trade reference price declined by INR 400/t to INR 32,500-33,000/t exw.
  
  
• Raipur based heavy structure manufacturers hold their offers and maintained trade discount at INR 800-1,100/t, the current trade price of 200 Angle stands at INR 36,400-36,800/t exw.
  
  

Reference prices as on 22nd Sep'20