Indian DRI, billet & rebar update - 30 Nov

Indian secondary steel market has registered a sharp hike in sponge iron, billet & rebar prices by INR 100-800/t (upto $11) today.

The prices increased majorly in central, western & northern India by INR 500-800/t on account of improved finished steel demand & tightening supply of scrap along with increasing offers. Following the trend, a rise of INR 100-500/t was observed in southern & eastern regions.

Raw Material

• BMM Ispat sold around 10,000 t pellets in nearby market at INR 11,000-11,100/t exw Bellary.
  
  

Semi Finished

• Indian sponge iron export offers increased by $5/t to $360/t CPT Benapole, equivalent to $375/t CFR Chittagong, Bangladesh.
  
  
• Induction grade billet export offers gain by around $10/t to $480/t exw Durgapur, equivalent to $505/t CPT Nepal. However buyers prefer wait & watch due to sharpy surge in offers.
  
  
• Raipur based sponge producers have raised P-DRI offer by INR 300-400/t to INR 25,000/t & sufficient bookings reported in the range of INR 24,800-25,000/t exw.
  
  
• Raigarh based Singhal Steel offered billet at INR 34,700/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 24,200/t & billet at INR 34,600/t exw.
  
  
• Neo Metaliks has reported healthy deals for steel grade pig iron at INR 30,200-30,300/t exw Durgapur.
  
  
• Visa Steels kept offers unchanged for steel grade pig iron at INR 29,800/t exw Jajpur.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 25,000/t & billet at INR 34,300/t exw Badtumkela.
  
  
• BMM Ispat increased offers by INR 300/t for FeM 80 P-DRI lumps to INR 24,200/t exw Bellary & around 4,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 37,700/t exw Raigarh (Up by INR 400/t).
  
  
• Gallant TMT offers reported at INR 39,700/t exw Gorakhpur.
  
  
• Diamond TMT unchanged their offer at INR 41,600/t FoR Ahmedabad.
  
  
• Kalika TMT is offering at INR 41,000/t exw Jalna (Up by INR 300/t).
  
  
• Sangam TMT offering at INR 39,500/t exw Wardha.
  
  
• ARS 550 D offers reported at INR 43,200/t exw Chennai.
  
  

Wire Rod & Structure

• Mid scale mills wire rod export offers up by $10-15/t to $530-535/t exw Durgapur (excluding loading charges), equivalent to $555-560/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod stable at INR 400-600/t, however base offers rally by INR 600/t to INR 39,600/t exw. Also, trade reference price in Durgapur increased by INR 500/t to INR 39,000-39,300/t exw.
  
  
• Raipur based heavy structure manufacturers, increase the base price by INR 500/t to INR 39,300/t, and given trade discount at INR 400-800/t, current trade price of 200 Angle assessed at INR 41,400-41,800/t exw.
  
  

Reference prices as on 30 Nov'20