Indian DRI, billet & rebar update- 6 August'20

Indian spot steel prices remained volatile today in secondary segment. As per daily assessment, sponge iron prices further increased by INR 200-300/t in the central region, however a fall of INR 100-200/t was noticed in eastern & southern regions. Whereas billet & rebar prices declined by INR 100-300/t, across major markets.

Trade sources stated that demand for finished products remained limited, although rising raw material offers are strengthening sponge iron prices. This is leading to fall in conversion spread of standalone furnaces and hot rolling mills.

Semi Finished

• Indian mid scale mills export offers hovering at $385/t for billet & $425/t for wire rod, ex-mill at Durgapur. Freight cost to Nepal (Raxaul border) is around $25/t.
  
  
• Neo Metaliks in Durgapur reported fresh deals of steel grade pig iron at around INR 27,500/t exw, prices up by INR 200-300/t against yesterday.
  
  
• Raipur based sponge P-DRI manufacturers have further raised offers by INR 300-500/t to INR 18,800-19,000/t and majority of deals learned at INR 18,800-18,900/t exw.
  
  
• Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI lumps at INR 19,200/t & billet at INR 28,700/t exw.
  
  
• Ind Synergy (Raigarh) offered P-DRI at INR 18,300/t & billet at INR 29,000/t exw.
  
  
• Singhal Steel offered billet at INR 29,000/t exw Raigarh. However, no major trades reported.
  
  
• Visa Steels concluded deals of around 900 t steel grade pig iron at INR 26,500/t exw for central region.
  
  
• Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at around INR 19,000/t exw.
  
  
• Hare Krishna has offered FeM 79-80 P-DRI at INR 17,800-18,000/t exw Bellary, an official reported.
  
  

Rebar (12 mm)

• Rathi Stelmax TMT keep offer stable at INR 34,900/t exw Delhi/NCR.
  
  
• Paras TMT offers at INR 33,200/t exw Muzaffarnagar.
  
  
• Shrishti TMT offers reported at INR 32,300/t exw Raigarh.
  
  
• Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 31,800t exw Rourkela.
  
  
• Vinayak TMT is offering at INR 34,900/t FoR Ahmedabad.
  
  
• Sangam TMT is offering at INR 32,700/t exw Wardha.
  
  
• Kalika TMT increase their offer by INR 200/t to 33,900/t exw Jalna.
  
  
• Aone Steel is offering rebar at INR 36,000/t (Size 8 mm) exw Bellary.
  
  

Wire Rod & Pipe

• ERW Pipe manufacturers have kept offers at firm level to INR 34,500/t exw Raipur, INR 38,000/t exw Mandi Gobindgarh & INR 34,300-34,500/t exw Rourkela.
  
  
• Trade discounts in Raipur wire rod increased to INR 1,200-1,400/t, while base prices unchanged at INR 33,600/t exw. Durgapur based producers have lowered offers to INR 32,200-32,300/t against INR 32,400-32,500/t yesterday.
  
  

Reference prices as on 6th Aug'20