Indian DRI, billet & rebar update- 7th Sept

Indian steel prices surged today on strengthening raw material prices, however, demand remained average. Sponge iron & billet prices increased by INR 50-400/t in major markets.

Also, rebar prices moved up by INR 100-300/t in many locations, however, it fell by INR 300/t in Bangalore.

Trade sources believe that prices of semi products are likely to remain supported due to lower production and lower margins due to high cost of raw materials.

Semi Finished

• Indian sponge iron export offers increased by $5/t to $310/t CPT Benapole, equivalent to $330/t CFR Chittagong, Bangladesh.
  
  
• Induction grade billet export offers surged by $5/t to around $415/t exw Durgapur, equivalent to $440-442/t CPT Nepal, via road delivery.
  
  
• Raipur based major sponge manufacturers have kept P-DRI offers firm at INR 20,100-20,200/t exw, although demand slowed down due to falling furnaces production, as stated by officials.
  
  
• Neo Metaliks in Durgapur has raised steel grade pig iron price by INR 100/t to INR 29,000-29,100/t exw & sufficient deals reported in local market.
  
  
• Visa Steels offering steel grade pig iron at INR 28,000/t exw, however no major inquiries reported.
  
  

Rebar (12 mm)

• GK TMT has unalterd offers at INR 35,000/t exw Raipur.
  
  
• Rathi Stelmax TMT has ket offers at INR 36,300/t exw Delhi/NCR (Up by INR 300/t).
  
  
• Swarup TMT is offering at INR 34,300/t exw Muzaffarnagar.
  
  
• Mono TMT offer stable at INR 35,900/t FoR Ahmedabad.
  
  
• Polaad TMT unchanged their offer at INR 34,700/t exw Jalna.
  
  

Wire Rod & Pipe

• Indian mid scale mills wire rod export offers stood at around $452-454/t exw Durgapur, equivalent to $480/t CPT Nepal.
  
  
• Trade discounts in Raipur wire rod slightly dropped by INR 200/t to INR 1,000/t through the traders, however base price remains unchanged at INR 34,000/t exw, through the plants.
  
  

Reference prices as on 7th Sept'20