Indian DRI, billet & rebar update- 31 July '20

Indian steel market observed volatility today. According to the daily assessment sponge iron prices declined by INR 50-200/t throughout a day in many regions, with a major fall of INR 200/t seen in central India (Raipur).

Meanwhile billet prices fell by INR 100-250/t & rebar prices by INR 100-300/t in major markets.

SteelMint participants believe that market will remain volatile until Tuesday due to upcoming festivals.

Raw material

• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 59,000/t exw.
  
  

Semi Finished

• About 1,000 t induction grade billet export deals learned through the Durgapur based suppliers at $368/t exw, equivalent to $393-395/t CPT Raxaul border, Nepal.
  
  
• Raipur based sponge manufacturers have kept P-DRI offers firm at INR 17,400-17,500/t exw, however few deals reported at near to INR 17,300/t exw & FoR basis.
  
  
• Monnet Ispat has offered sponge DR-CLO grade at INR 19,200/t & P-DRI at INR 17,500/t exw Raipur.
  
  
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 26,500/t FoR Raigarh.
  
  
• Singhal Steel offered billet at INR 27,800/t exw Raigarh.
  
  
• Durgapur based Neo Metaliks has kept steel grade pig iron offers firm at INR 26,500/t, meanwhile few trades reported at INR 26,300-26,400/t, exw.
  
  
• Rashmi Metaliks has offered sponge C-DRI at INR 19,200-19,300/t FoR Durgapur, as per market sources.
  
  
• Visa Steels offering steel grade pig iron at INR 25,500/t exw Jajpur.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 18,000/t & billet at INR 28,000/t exw.
  
  
• BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 17,500/t & INR 17,800/t exw.
  
  
• BMM Ispat, a renowned sponge manufacturer offered FeM 80 P-DRI lumps at INR 17,500/t exw Bellary.
  
  

Rebar (12 mm)

• Scan Group (Shrishti TMT) is offering at INR 31,600/t exw Raigarh.
  
  
• Odisha based Shubhlabh TMT offers reported at INR 31,600/t exw.
  
  
• Swarup TMT offers at INR 32,800/t exw Muzaffarnagar.
  
  
• Kalika TMT offering at INR 33,500/t exw Jalna.
  
  
• National TMT offers at INR 34,100/t FoR Ahmedabad.
  
  
• ARS 550 D offers rebar at INR 38,500/t exw Chennai.
  
  
• Trade discount by Raipur based heavy structure manufacturers maintained at INR 700-1,000/t and trade price of 200 Angle is at INR 35,000-35,400/t exw.
  
  

Wire Rod & Pipe

• ERW Pipe manufacturers have decreased offers by INR 500/t to INR 33,800-33,900/t exw Raipur.
  
  
• Trade discount in Raipur wire rod unchanged to INR 1,200-1,400/t, meanwhile base prices fall further by INR 300/t to INR 32,800/t exw Raipur. Also in Durgapur trade reference prices fell by INR 400/t to INR 31,400-31,800/t exw.
  
  

Reference prices as on 31st Jul'20