Indian DRI, billet and rebar update – 31 Mar

Spot trades in Indian secondary steel market were supportive today and prices have risen aggressively up to INR 1,700/t ($23), d-o-d basis.

According to SteelMint’s assessment, the domestic sponge iron and billet offers have boosted up by INR 600-1,700/t in all the major markets. In line with this, the rebar prices have also increased by INR 800-1,600/t across nation.

Sources are expecting prices to remain strong on the back of prevailing positive trends globally and hike in pellet offers.

Semi Finished

• Raipur based sponge P-DRI manufacturers have further raised offers by INR 500/t to INR 29,000-29,100/t exw, however few deals reported at around INR 28,800/t exw.
• Durgapur based Neo Metaliks has reported deals of over 1,000 t steel grade pig iron at INR 36,800/t exw.
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 40,600/t exw Badtumkela
• Raigarh based Singhal Steel offered P-DRI at INR 28,500/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 29,100/t FoR Raipur.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,500/t exw Bellary (Up by INR 200/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,000/t exw Bellary & around 1,500 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT is offering at INR 47,800/t exw Raipur (Up by INR 800/t).
• Shrishtii TMT offers reported at INR 45,600/t exw Raigarh (Up by INR 600/t).
• Metalics 550D TMT offers reported at INR 47,300/t exw Sambalpur (Up by INR 800/t).
• Swarup TMT is offering at INR 45,700/t exw Muzaffarnagar (Up by INR 1,000/t).
• Mono TMT offers reported at INR 47,400/t FoR Ahmedabad.
• Polaad TMT offers reported at INR 48,500/t exw Jalna.

Wire Rod and Structure

• Raipur based heavy structure steel manufacturers, reported the base price of 150 mm channel at INR 45,500/t, and given trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 47,000-47,400/t exw.
• Trade discount in Raipur wire rod stood at INR 800/t & base price up by INR 1,500/t to INR 46,000/t exw. Also, prices in Durgapur went up by INR 1,400/t to INR 44,700-45,000/t exw.