Indian DRI, billet and rebar update – 1 Mar

Indian secondary steel market remained supportive on account of active demand & the prices have sharply increased up to INR 1,100/t ($15), d-o-d.

As per SteelMint’s assessment, domestic sponge iron and billet prices have risen by INR 100-500/t in many regions, whereas, billet prices have boosted by INR 700-1,000/t in Western & Southern parts of India. Also, in the rebar market, prices have gained by INR 100-1,300/t in all the locations, with a major rise in prices of around INR 1,300/t in Bangalore.

Market sources are expecting further gain in Indian steel prices following good demand from the domestic & overseas market.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 11,600/t exw Bellary (Up by INR 100-200/t).
• Jsw Ispat Special Products Limited concluded few deals of 60-14 silico manganese at INR 72,500/t exw Raipur- Officials.
• Odisha based sponge manufacturer booked 10,000 t RB2 coal at INR 5,650/t from Paradeep port.
• Bellary based sponge manufacturer booked around 10,000 t RB2 coal at INR 5,800/t from Mangalore port.

Semi Finished

• Induction grade billet export offers reported at around $518-520/t exw Durgapur, equivalent to $545/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have raised offers by INR 500/t to INR 27,400-27,500/t exw. However, the majority of plants were offering DR CLO grade sponge at INR 29,300-29,500/t exw.
• Durgapur based Neo Metaliks has sharply raised steel grade pig iron price by INR 500-700/t to INR 35,700/T exw. Meanwhile, through the Atibir Industries based in Giridih, Jharkhand offers stood at INR 35,500/t exw.
• Ind Synergy (Raigarh) offered billet at INR 38,200-38,300/t.
• Bhaskar Steel and Ferro Alloy Ltd offered FeM 80 C-DRI lumps at INR 27,000/t & billet at INR 38,000/t exw Badtumkela.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 26,200/t exw Bellary & around 3,000 t deals reported in nearby region.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 43,200/t exw Raigarh (Up by INR 400/t).
• Rana 550 TMT is offering reported at INR 43,500/t exw Muzaffarnagar.
• Mono TMT is offering at INR 47,200/t FoR Ahmedabad (Up by INR 500/t).
• Kalika TMT offers at INR 47,500/t exw Jalna (Up by INR 300/t).

Wire Rod and structure

• Trade discounts in Raipur wire rod is hovering at INR 800-1,000/t & trade reference price stood at INR 42,000-42,300/t exw Raipur & INR 42,200-42,300/t exw Durgapur.
• Raipur based heavy structure steel manufacturers, increase the base price of 150 mm Channel by INR 200/t to INR 43,200/t, and given trade discount by INR 700-1,000/t, current trade reference price of 200 mm Angle is at INR 45,000-45,400/t exw.

Reference prices as on 1st Mar’21