Indian DRI, billet and rebar update – 3 June

The Indian secondary steel market saw sentiments recover on modest trade, with prices increasing by up to INR 1,000/t ($14) d-o-d.

Indian sponge iron prices shot up by INR 300-1,000/t, with major increases in the range of INR 900-1,000/t observed in Bellary and Raipur. Meanwhile, domestic billet offers climbed by INR 100-1,000/t in major markets. A sharp hike of INR 1,000/t was witnessed in southern India.

In addition, induction furnace grade rebar offers moved up by INR 300-700/t across locations. The central Indian market is now waiting for NMDC’s price revision, to be announced this week, in order to gauge the emerging outlook.

Raw Material

• Karnataka based BMM Ispat sold around 7,000 t pellets in nearby market at INR 13,500/t exw Bellary. Later on offers increased to INR 13,700/t exw.

Semi Finished

• Induction grade billet export offers surge by $10/t to around $595/t exw Durgapur, equivalent to $620-625/t CPT Nepal.
• Neo Metaliks in Durgapur has raised steel grade pig iron price by INR 1,500/t to INR 40,000/t exw.
• Sponge P-DRI prices in Raipur increased by INR 300/t to INR 30,900-31,000/t & trades reported by participants as against offers of INR 31,000-31,300/t on exw & FoR basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 31,000-31,100/t FoR Raipur.
• Jharkhand Ispat Pvt. Ltd. offered billet at INR 43,300/t and sponge iron C-DRI at INR 31,500/t exw Ramgarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,800/t exw Bellary (Up by INR 800/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,300/t exw Bellary (Up by INR 600/t).

Rebar (12 mm)

• Metalics 550D TMT offers reported at INR 48,000/t exw Sambalpur (Up by INR 500/t).
• Rathi Stelmax TMT offer reported at INR 49,600/t exw Delhi/NCR.
• Swarup TMT is offerning at INR 48,600/t exw Muzaffarnagar (Up by INR 600/t).
• Mono TMT is offering at INR 49,500/t FoR Ahmedabad (Up by INR 400/t).
• Polaad TMT offer stable at INR 49,000/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at $645-650/t exw Durgapur, equivalent to $675/t CPT Nepal, via road delivery.
• Trade discounts for wire rod in Raipur stable at INR 200-400/t & base offers up by INR 500/t to INR 47,500/t exw. Also, prices in Durgapur rose by INR 1,000/t to INR 47,000-47,200/t exw.
• Raipur based heavy structure steel manufacturers, increased the base price of 150 mm channel by INR 200/t to INR 47,000/t and given trade discounts by INR 300-500/t. Current trade reference prices of 200 mm angle are at INR 49,300-49,700/t exw.

Reference prices as on 3rd June’21