Indian DRI, billet & rebar update- 25th Sep

Indian secondary steel market has recorded further fall in prices today on limited inquiries. Sponge iron prices have seen a fall of INR 50-200/t, billet prices dropped by INR 50-250/t & rebar prices corrected by INR 100-300/t in most of the regions.

There was no major trading activity in Mandi Gobindgarh - Punjab, today on account of strike by farmers, which has also impacted trades in major locations of central & eastern India.

Raw Material

• Silicon manganese (60-14) trades assessed at around INR 59,500/t exw, Raipur.
  
  

Semi Finished

• Induction grade billet (100x100 mm) export offers remain firm at $394-396/t exw Durgapur, equivalent to $420-422/t CPT Nepal, via road delivery.
  
  
• Raipur based sponge manufacturers have kept P-DRI offers firm at INR 19,000-19,200/t exw. However, no fresh deals were reported due to competitive offers from outside suppliers at INR 18,900/t FoR Raipur.
  
  
• Jindal Steel is offering steel grade pig iron at INR 27,200/t exw Raigarh, central India.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 18,500/t & billet at INR 28,800/t exw.
  
  
• Visa Steels offered FeM 80 sponge C-DRI (mix material) at INR 19,500/t exw Jajpur (Down by INR 200/t).
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 19,600/t & billet at INR 29,100/t exw.
  
  
• East India, Odisha based manufacturer, Mahavir Ferro Alloys offered billet (100x100 mm) at INR 29,200-29,300/t exw.
  
  
• Hare Krishna has offered FeM 79-80 P-DRI at INR 18,000-18,200/t exw Bellary (Down by INR 200/t).
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 18,500-18,600/t exw Bellary (Down by INR 200-300/t).
  
  
• BMM Ispat decreased offers by INR 100/t for FeM 80 P-DRI lumps to INR 18,100/t exw Bellary & only 1,500 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT remain unchanged their offers at INR 35,000/t exw Raipur.
  
  
• Shrishtii TMT kept offers unaltered & reported at INR 32,800/t exw Raigarh.
  
  
• Swarup TMT is offering at INR 33,800/t exw Muzaffarnagar (Down by INR 200/t).
  
  
• Diamond TMT kept offers stable at INR 35,200 FoR Ahmedabad.
  
  
• Kalika TMT is offering at INR 33,500 exw Jalna (Down by INR 400/t).
  
  
• A one Gold TMT offers reported at INR 35,100/t exw Bellary.
  
  

Wire Rod, Pipe & Structure

• Durgapur based mid scale mills wire rod (5.5 mm) export offers hovering at $440/t exw, equivalent to $465-467/t CPT Nepal.
  
  
• Trade discount in Raipur wire rod increased by INR 200/t to INR 1,000-1,200/t, however base price remains firm at INR 33,700/t exw. Although, in Durgapur trade reference price dropped by INR 200/t to INR 32,300-32,800/t exw.
  
  
• Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 40,500/t exw Hyderabad (Down by INR 300/t).
  
  
• Trade discount given by Raipur based heavy structure manufacturers, maintained at INR 800 -1,200/t, and the trade price of 200 Angle stood at INR 36,200-36,600/t exw.
  
  

Reference prices as on 25th Sep'20