Indian DRI, billet & rebar update- 24th Aug

Indian steel prices fluctuated today. Sponge iron prices have seen a drop of about INR 100-400/t, whereas billet prices declined by INR 100-400/t, however, a hike of INR 100-600/t was observed in the western region (including Jalna & Mumbai respectively).

In addition to it, rebar prices fell by INR 100-600/t, d-o-d, in the major locations.

As per SteelMint's participant, the demand remained limited due to monsoon amid festive mood especially in western & southern India.

Semi Finished

• Raipur based major sponge manufacturers have kept P-DRI price firm at INR 18,900-19,000/t exw & sufficient orders reported in local market.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 18,600-18,700/t & billet at INR 28,400/t exw.
  
  
• Visa Steels concluded deals of around 500 t steel grade pig iron at INR 28,500/t exw Jajpur.
  
  
• Durgapur based Neo Metaliks has reduced offers by INR 400-500/t to INR 28,700-28,800/t exw.
  
  
• Rashmi Metaliks has offered sponge P-DRI at INR 19,200-19,300/t exw Khargapur & the offers more or less stable, d-o-d, as per participants.
  
  
• Electrosteels based in Bokaro, Jharkhand has offered steel grade pig iron at INR 28,800/t exw.
  
  
• SAIL pig iron auction of 1,700 t today from Rourkela Steel Plant (RSP) has received good response as the entire quantity booked in the range of INR 28,200-28,600/t exw, as per participants.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 19,800/t & billet at INR 28,900/t exw.
  
  
• BIOP Steels in Karnataka has decreased sponge prices by INR 200/t, offering FeM 80 C-DRI lumps at INR 19,000/t exw.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 19,000-19,100/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 34,700/t exw Raipur (Down by INR 300/t).
  
  
• Shrishtii TMT offers reported at INR 32,000/t exw Raigarh (Down by INR 500/t).
  
  
• Rathi Stelmax TMT offers at INR 34,500/t exw Delhi/NCR (Down by INR 500/t).
  
  
• Century TMT is offering at INR 32,900/t exw Muzaffarnagar (Down by INR 200/t).
  
  
• Gajkesri TMT is offering at 33,500/t exw Jalna.
  
  
• Mono TMT is offering at INR 35,200/t FoR Ahmedabad (Down by INR 300/t).
  
  
• Gujarat based German TMX offers down by INR 300/t to INR 41,300/t exw (Size 20 mm, incl tax)
  
  

Wire Rod & Pipe

• ERW Pipe manufacturers have increased offers by INR 200/t to INR 34,000-34,200/t exw Raipur, INR 38,000/t exw Mandi Gobindgarh & INR 34,200-34,300/t exw Rourkela.
  
  
• Trade discount in Raipur wire rod is hovering at INR 1,300-1,500/t & base price remains firm at INR 32,700/t exw. However, in Durgapur trade reference prices fell by INR 300/t to INR 32,500-32,800/t exw.
  
  

Reference prices as on 24th Aug'20