Indian DRI, billet & rebar update- 3rd Sept

Indian billet prices continued to decline by INR 100-500/t, following with the rebar prices declined by INR 100-400/t in many locations, however a hike of INR 200/t was noticed in Chennai.

Also, sponge iron prices have seen a fall of INR 100-250/t in all the markets.

Sources assume that semis prices should rebound on an expected hike in iron ore prices by India's largest miner - NMDC. Also, limited conversion (margins) of furnaces are likely to push producers to keep prices strong.

Semi Finished

• Induction grade billet (100*100 mm) export offers hovering at $405/t exw Durgapur, equivalent to $430/t CPT Nepal, via road delivery.
  
  
• Raipur based major sponge manufacturers have kept P-DRI offers firm at INR 20,000-20,100/t, however few deals through the mid size kilns learned at INR 19,800-19,900/t exw.
  
  
• Neo Metaliks in Durgapur has slightly lower steel grade pig iron price by INR 100/t to INR 28,700/t exw.
  
  
• Rashmi Metaliks has kept P-DRI offers firm at INR 20,500-20,600/t FoR Durgapur, as per trade sources.
  
  
• Visa Steels kept offers unchanged for steel grade pig iron at INR 27,500/t exw Jajpur.
  
  
• Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI lumps at INR 21,500-21,600/t & sponge mix material (60:40) at INR 21,200/t exw.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 19,000/t exw Bellary (Down by INR 200/t).
  
  
• BMM Ispat decreased offers by INR 100-200/t for FeM 80 P-DRI lumps to INR 19,100/t exw Bellary. However no deals reported from officials.
  
  

Rebar (12 mm)

• GK TMT is offering at INR 34,800/t exw Raipur (Down by INR 200/t).
  
  
• Shrishtii TMT offers reported at INR 32,800/t exw Raigarh (Down by INR 100/t).
  
  
• Rathi Stelmax TMT offers stable at INR 35,700/t exw Delhi/NCR.
  
  
• Century TMT is offering at INR 34,000/t exw Muzaffarnagar (Down by INR 200/t).
  
  
• Mono TMT has unaltered offers at INR 35,900/t FoR Ahmedabad.
  
  
• Rajuri TMT has unchanged their offer at INR 34,600/t exw Jalna.
  
  

Wire Rod & Pipe

• Mid scale mills wire rod (5.5 mm) export offers stood at around $452-454/t exw Durgapur, equivalent to $478-480/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod increased to INR 1,300-1,500/t through the traders, however base price stable at INR 33,700/t exw. Also in Durgapur trade reference price of wire rod dropped by INR 500/t to INR 33,000-33,200/t exw.
  
  
• ERW Pipe manufacturers have decreased offers by INR 200-300/t to INR 35,200/t exw Raipur, INR 38,200/t exw Mandi Gobindgarh & INR 35,300/t exw Rourkela.
  
  
• Hyderabad (South India) based manufacturer Hari Om Pipe Industries Ltd has offered ERW Pipe at INR 40,000/t exw.
  
  

Reference prices as on 3rd Sept'20