Indian DRI, billet & rebar update- 7 August '20

Indian spot steel prices fluctuated today. As per SteelMint's daily assessment, sponge iron prices remained supportive & marginally increased by 100-200/t in many regions. Whereas billet prices fluctuated by INR 100-300/t as it was supportive in central & eastern regions, while fell in the south & western India.

Also, the rebar market registered a price movement of INR 100-300/t due to limited demand in major locations along with slight rise in stock with mid scale mills.

Raw Material

• BMM Ispat sold around 10,000 t pellets in nearby market at INR 6,600/t exw Bellary in the last two days. Today offers increase to INR 6,800/t exw.
  
  

Semi Finished

• Indian mid scale mills export offers hovering at $381-383/t for billet & $420-422/t for wire rod, exw Durgapur. Freight cost to Nepal (Raxaul border) is around $25/t.
  
  
• India sponge iron (80 FeM, 100% lumps) export offers hovering at around $275/t CPT Benapole, equivalent to $295/t CFR Chittagong, Bangladesh. However no fresh deals as per suppliers in eastern region.
  
  
• Raipur based sponge P-DRI manufacturers have slightly raised offers by INR 100-200/t to INR 19,000/t exw.
  
  
• Visa Steels concluded deals of around 1,000 t steel grade pig iron for Raipur at INR 26,500/t exw Jajpur.
  
  
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 27,500/t FoR Raigarh.
  
  
• Central India, Durg based manufacturer offered billet (160x160) at INR 29,500/t exw.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 27,500/t exw.
  
  
• Shri Hari Sponge offered FeM 80 sponge C-DRI (mix material) at INR 19,000/t exw Rourkela.
  
  
• BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 17,700/t & INR 18,000/t exw.
  
  
• BMM Ispat has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 17,800-18,000/t exw Bellary.
  
  

Rebar (12 mm)

• Rathi Stelmax TMT is offering at INR 34,500/t exw Delhi/NCR.
  
  
• Shrishti TMT offers reported at INR 32,100/t exw Raigarh (Down by INR 200/t).
  
  
• Diamond TMT is offering at INR 34,400/t FoR Ahmedabad (Down by INR 500/t).
  
  
• Polaad TMT kept offers unaltered at INR 33,900/t exw Jalna.
  
  
• Bajrangbali Steel Industries Pvt Ltd is offering rebar at INR 31,800t exw Rourkela.
  
  
• Triple Power is offering at INR 35,500/t exw Chennai.
  
  

Wire Rod & Pipe

• ERW Pipe manufacturers have kept offers at firm level to INR 34,500/t exw Raipur, INR 37,800/t exw Mandi Gobindgarh & INR 34,000-34,500/t exw Rourkela.
  
  
• Trade discounts in Raipur wire rod unchanged at INR 1,200-1,400/t, also base price firm at INR 33,600/t exw. However, in Durgapur trade reference prices further dropped by INR 300/t to INR 31,800-32,200/t exw.
  
  

Reference prices as on 7th Aug'20