Indian DRI, billet and rebar update – 4 May

Spot steel trades in Indian secondary market were supportive and prices have moved up by upto INR 700/t ($10) d-o-d basis.

According to SteelMint’s assessment, domestic sponge iron market has increased by INR 100-200/t, following a major hike of INR 500/t in Eastern India (Durgapur). Meanwhile, billet prices have also surged by INR 100-400/t, whereas, a slight downfall of INR 100-200/t was seen in Northern & Central regions.

In context to finished steel, the rebar offers have shoot up by INR 100-700/t across many locations, with a major price rise seen in Northern region (Mandi, Gobindgarh) by INR 700/t today.

Semi Finished

• Neo Metaliks in Durgapur has raised steel grade pig iron price by INR 100/t to INR 38,400/t exw, however demand remains moderate, as per officials.
• Jharsuguda, Odisha based sponge supplier sold around 500 t FeM 80 P-DRI at around INR 29,400-29,500/t FoR Raipur.
• Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 38,000/t exw.
• Raipur based sponge P-DRI makers have kept offers firm at INR 29,500-600/t exw, however deals reported at INR 29,300-400/t on exw & FoR Raipur basis.
• Ind Synergy (Raigarh) offered P-DRI at INR 28,800/t & billet at INR 42,000/t exw.
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 42,800/t exw (Up by INR 300/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700/t exw Bellary (Up by INR 200/t).

Rebar (12 mm)

• Metalics 550D TMT offers reported at INR 49,000/t exw Sambalpur (Up by INR 700/t).
• Shrishtii TMT offers reported at INR 46,800/t exw Raigarh (Up by INR 200/t).
• Century TM is offering at INR 48,800/t exw Muzaffarnagar (Up by INR 300/t).
• Brahama TMT offers reported at INR 48,800/t exw Durgapur (Up by INR 300/t).
• Mono TMT is offering at INR 50,100/t FoR Ahmedabad (Up by INT 700/t).
• Kalika TMT kept offer stable at INR 50,400/t exw Jalna.

Wire Rod and Structure

• Raipur based heavy structure steel manufacturers, increase the base price of 150 mm channel by INR 300/t to INR 48,000/t, and maintained trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 49,700-49,900/t exw.
• Trade discounts in Raipur slightly increase by INR 300-400/t to INR 900-1,200/t & base offers up by INR 1,300/t to INR 47,800/t exw. Also prices in Durgapur rose by INR 800/t to INR 48,300-48,600/t, however a few plants were also offering at INR 48,800-49,000/t exw, but no deals reported.

Reference prices as on 4th May’21