Indian DRI, billet and rebar update – 31 May

Spot trades in the Indian secondary steel market remained supported on improved bids and prices increased by up to INR 800/t ($11) on a d-o-d basis.

According to SteelMint assessment, Indian sponge iron prices have moved up sharply by INR 100-800/t, with a major increase of INR 600-800/t in central India (including Raigarh and Raipur). Meanwhile, domestic billet offers have also inched by INR 200-800/t in major markets, whereas a slight drop of INR 100-200/t was seen in Mumbai and Chennai.

In addition, induction furnace grade rebar offers have moved up by INR 100-200/t. However, a minor fall of INR 200/t was observed in Raigarh.

Semi Finished

• Induction grade billet export offers stood at around $570-575/t exw, eastern India, equivalent to $600/t CPT Nepal.
• Neo Metaliks in Durgapur has kept steel grade pig iron prices firm at INR 38,000/t exw.
• Sponge P-DRI prices in Raipur increased by INR 500/t and trades reported at INR 29,400-29,500/t exw & FoR basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,700-29,800/t FoR Raipur.
• Ind Synergy offered P-DRI at INR 29,000/t & billet at INR 41,000/t exw Raigarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,600/t exw Bellary.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,100/t exw Bellary.

Rebar (12 mm)

• GK TMT offers at INR 48,000/t exw Raipur (Up by INR 200/t).
• Shrishtii TMT offers reported at INR 45,600/t exw Raigarh (Down by INR 200/t).
• Metalics 550D TMT offers reported at INR 45,800/t exw Sambalpur.
• Kalika TMT kept offers stable at INR 49,000/t exw Jalna.
• Swarup TMT is offering at INR 47,000/t exw Muzaffarnagar.
• Tri Shakti TMT offers reported at INR 45,700/t exw Durgapur.

Wire Rod

• Mid scale mills wire rod export offers hovering at $620/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
• Trade discounts in Raipur wire rod remain low and dropped to INR 200-300/t & base offers up by INR 900/t to INR 46,200/t exw. Also, prices in Durgapur slightly rose by INR 100/t to INR 44,600-44,800/t exw.

Reference prices as on 31st May’21