Indian DRI, billet & rebar update- 25th Aug

Indian steel prices rebounded today in few markets. Sponge iron prices increased by INR 200-400/t, however it dropped by INR 100-200/t in the southern region. Whereas billet prices surged up by INR 100-850/t in all the locations except in western & southern regions as a downfall of INR 300/t was noticed in Chennai.

Also, rebar prices moved up by INR 100-700/t d-o-d, across major markets, following hike in sponge iron & billet prices along with slightly improved inquiries from the local buyers.

Sources are of the view that, semis prices may remain supported for a couple of days owing to strong bookings on prevailing offers today.

Raw Material

• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 62,000/t exw.
  
  

Semi Finished

• Induction grade billet export offers hovering at $395/t exw Durgapur, equivalent to $420/t CPT Nepal. Meanwhile wire rod export offers reached at $435-437/t exw Durgapur, equivalent to $463-465/t CPT Nepal, via road delivery.
  
  
• SteelMint's price asssessment of Raipur sponge P-DRI increased by INR 200-300/t to INR 19,100-19,200/t exw, with deals of over 6,000 t.
  
  
• Durgapur based Neo Metaliks has further lower steel grade pig iron price by INR 200/t to INR 28,500/t exw & few deals reported in local market.
  
  
• Electrosteels from Bokaro, Jharkhand reported deals of steel grade pig iron at INR 28,500/t exw.
  
  
• Visa Steels offering steel grade pig iron at INR 28,000/t exw Jajpur.
  
  
• Keonjhar (Odisha) based manufacturers have sold about 1,000t FeM 80 C-DRI lumps to Mandi Gobindgarh, Punjab at INR 19,800-20,000/t EXW & freight cost to Mandi (via road delivery) at INR 3,000-3,200/t.
  
  
• Shri Hari Sponge offered FeM 80 sponge C-DRI (mix material) at INR 20,000/t exw Rourkela.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 19,000/t exw.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 18,700-18,800/t exw Bellary & around 2,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT unchanged their offer at INR 34,700/t exw Raipur.
  
  
• Shrishtii TMT kept offers unchanged & reported at INR 32,000/t exw Raigarh.
  
  
• Radhe TMT is offering at INR 32,100/t exw Raigarh (Up by INR 200/t).
  
  
• Rathi Stelmax TMT offers at INR 35,000/t exw Delhi/NCR (Up by INR 500/t).
  
  
• Century TMT is offering at INR 33,600/t exw Muzaffarnagar (Up by INR 700/t).
  
  
• Polaad TMT offers at 34,200/t exw Jalna (Up by INR 200/t).
  
  
• National TMT is offering at INR 35,900/t FoR Ahmedabad.
  
  
• German TMX offers up by INR 500/t to INR 35,800/t FoR Ahmedabad.
  
  

Wire Rod & Pipe

• ERW Pipe manufacturers have kept offers unaltaerd to INR 34,200-34,400/t exw Raipur.
  
  
• Trade discounts in Raipur wire rod drop by around INR 500/t to INR 600-800/t, however base price remain firm at INR 32,700/t exw. Also in Durgapur trade reference price up by INR 200/t to INR 32,600-33,000/t exw.
  
  

Reference prices as on 25th Aug'20