Indian DRI, billet and rebar update – 23 Apr

Spot trades in Indian secondary steel market remained modest and the semi finished prices have fluctuated by INR 100-600/t today.

As per the assessment, the domestic billet market has noticed a surge in prices by INR 100-600/t except in Central & East regions where offers fall marginally by INR 50-100/t, d-o-d. Meanwhile, sponge iron offers have fluctuated by INR 100-300/t in the major markets.

The rebar prices have increased by INR 200-800/t across the major markets, while major hike recorded in Mandi Gobindgarh & Delhi/NCR by INR 700-800/t. As per sources, trade participants are cautious to take positions owing to fall in productions following subdued demand.

Semi Finished

• Induction grade billet export offers slightly up to around $555-557/t exw Durgapur, equivalent to $580/t CPT Nepal. However demand remains moderate as major buyers are holding fresh bookings looking at higher prices.
• Sponge P-DRI prices in Raipur, Central India drop further by INR 100-200/t to INR 29,200-300/t & few deals reported on exw, FoR Raipur basis.
• Neo Metaliks in Durgapur has slightly lower steel grade pig iron price by INR 100/t to INR 38,600/t exw & few trades reported by officials.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 38,500/t exw Jajpur .
• Jajpur, Odisha based sponge supplier sold around 500 t FeM 80 C-DRI mix material at around INR 30,300/t FoR Raipur.
• BMM Ispat kept offers unchanged for FeM 80 P-DRI lumps at INR 28,200/t exw Bellary.

Rebar (12 mm)

• Metalics 550D TMT offers reported at INR 47,500/t exw Sambalpur. (Up by INR 200/t).
• Rathi Stelmax TMT offer reported at INR 49,750/t exw Delhi/NCR.
• Mono TMT is offering at INR 50,800/t FoR Ahmedabad (Up by INR 300/t).
• Polaad TMT is offering at INR 50,200/t exw Jalna (Up by INR 200/t).
• ARS TMT (Fe 550 D) offer reported at INR 55,000/t exw Chennai.

Wire Rod and Structure

• Trade discount in Raipur wire rod two-folds to around INR 1,300-1,500/t due to increase in base offers by INR 500/t to INR 47,000/t exw. Also, prices in Durgapur surge by INR 300/t to INR 45,800-46,000/t exw.
• Mid scale mills wire rod export offers increased to $615-620/t exw Durgapur, equivalent to $645/t CPT Nepal. The prices surge amidst strengthening rupee against the US dollar.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 47,200/t, and given trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 48,900-49,300/t exw.

Reference prices as on 23rd Apr’21