Indian DRI, billet & rebar update- 4th Sept

Indian steel prices surged today. Sponge iron & billet prices increased by INR 100-500/t in major markets, however, a slight fall in billet prices reported in western region (Jalna) by INR 200/t.

Also, rebar prices moved up by INR 100-500/t in many locations following a hike in sponge iron & billet prices.

Sources believe that prices would remain supported on account of average demand & drop in productions through the mid-scale mills specifically in the central region, this likely to balance the supply-demand chain in the coming days.

Semi Finished

• Indian sponge iron export offers hovering at $305/t exw, equivalent to $325/t CFR Chittagong, Bangladesh.
  
  
• Raipur based major sponge manufacturers have raised P-DRI offers by INR 300/t to INR 20,100-20,300/t exw & about 4,000 t deals reported by 4-5 plants & closed sales for today.
  
  
• Raigarh based Singhal Steel offered P-DRI at INR 19,700/t & Billet at INR 29,700-29,800/t exw.
  
  
• Bokaro based Electrosteels has reported healthy deals for steel grade pig iron at near to INR 28,500/t, however the fresh offers revised to INR 28,600-28,700/t exw.
  
  
• Neo Metaliks in Durgapur has raised steel grade pig iron price by INR 200/t to INR 28,900-29,000/t exw.
  
  
• Visa Steels offering steel grade pig iron at INR 28,000/t exw Jajpur (up by INR 500/t).
  
  
• Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at around INR 20,200-20,300/t exw.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 19,300/t exw Bellary (up by INR 300/t).
  
  
• Hare Krishna has offered FeM 79-80 P-DRI at INR 19,200/t exw Bellary, an official reported.
  
  
• BMM Ispat increased offers by INR 200/t for FeM 80 P-DRI lumps to INR 19,400/t exw Bellary. However no deals reported from officials.
  
  

Rebar (12 mm)

• GK TMT offers increased by INR 200/t to INR 35,000/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 33,000/t exw Raigarh (Up by INR 200/t).
  
  
• Rathi Stelmax TMT is offering at INR 36,000/t exw Delhi/NCR (Up by INR 300/t).
  
  
• Mono TMT kept offers stable at INR 35,900/t FoR Ahmedabad.
  
  
• Kalika TMT is offering at INR 34,500/t exw Jalna (Up by INR 200/t).
  
  
• Aone Steel (A one Gold TMT) is offering at INR 36,800/t exw Bellary (Size 8 mm).
  
  

Wire Rod, Pipe & Structure

• ERW Pipe manufacturers have kept offers at firm level to INR 35,200/t exw Raipur, INR 38,300/t exw Mandi Gobindgarh & INR 35,200-35,300/t exw Rourkela.
  
  
• Trade discounts in Raipur wire rod dropped by INR 300/t to INR 1,000-1,200/t through the traders, following hike in base price by INR 300/t to INR 34,000/t exw, through the plants.
  
  
• Trade discount given by Raipur based heavy structure manufacturers is at INR 700-1,000/t and trade price of 200 Angle is at INR 36,500-36,900/t exw.
  
  

Reference prices as on 4th Sept'20