Indian DRI, billet and rebar update – 10 May

Indian secondary steel market has noticed an upward trend today, however the spot trades were limited. The steel prices increased by up to INR 900/t ($12) d-o-d basis.

As per the assessment, domestic billet offers have surged by INR 100-600/t, whereas, prices dropped by INR 200-300/t in Northern & Western regions. Also, the sponge iron market has seen a sharp hike of around INR 100-900/t with a major increase of INR 800-900/t in Central & Eastern markets.

In context to finished long steel, the rebar prices have registered hike in prices by INR 100-700/t across major locations.

Sources reported, the prices are strengthening on the price rally seen in raw material (pellet) in major locations, however domestic finished steel demand remained modest due to lockdown restrictions in majority of the states.

Raw Material

• Jsw Ispat Special Products Limited concluded few deals of 60-14 silico manganese at INR 87,000/t exw Raipur- Officials.

Semi Finished

• Induction grade billet export offers hovering at $600-605/t exw Durgapur, equivalent to $630/t CPT Nepal.
• Raipur based sponge P-DRI makers have sharply raised offers by INR 800-1,000/t & deals reported at INR 29,700-30,000/t on exw & FoR Raipur basis.
• Jajpur based, Visa Steels offered steel grade pig iron in local region at INR 38,200/t exw.
• Aloke Steel Industries (Jharkhand) offered Fem 78-80 C-DRI mix material (60:40) at INR 29,500/t exw.
• Jharsuguda, Odisha based sponge supplier sold around 1,600 t FeM 80 P-DRI at around INR 29,700-29,800/t FoR Raipur.
• Bhaskar Steel and Ferro Alloy Ltd has offered billet at INR 43,000/t exw Badtumkela.
• Rourkela, Odisha based few sponge suppliers reported deals of aroud 2,200 t FeM 80-82 C-DRI lumps at around INR 31,600/t FoR Raipur.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,000/t exw Bellary.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,200/t exw Bellary.
• Hare Krishna concluded few deals of FeM 79-80 C-DRI lumps in local region at INR 30,000/t exw Bellary.

Rebar (12 mm)

• GK TMT is offering at INR 49,700/t exw Raipur (Up by INR 700/t).
• Metalics 550D TMT offers reported at INR 48,400/t exw Sambalpur (Up by INR 600/t).
• Shrishtii TMT offers reported at INR 47,600/t exw Raigarh (Up by INR 700/t).
• Rathi Stelmax TMT offer stable at INR 51,000 exw Delhi/NCR.
• Mono TMT offer reported at INR 51,400/t FoR Ahmedabad.
• Polaad TMT offer unchanged at INR 50,400/t exw Jalna.

Wire Rod and Structure

• Trade discounts in Raipur wire rod stands at INR 1,500-1,700/t & based offers up by INR 700/t to INR 48,000/t exw. Also, prices in Durgapur gain by INR 500/t to INR 48,500-800/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 47,000/t, and given trade discount at INR 800-1,000/t, current trade reference price of 200 mm angle is at INR 48,900-49,300/t exw Raipur.

Reference prices as on 10th May’21