Indian DRI, billet and rebar update – 7 Jun

The Indian secondary steel market witnessed limited trade activities today and prices inched down by up to INR 700/t ($10) day-on-day.

The Indian semi-finished steel (sponge iron and billet) market recorded a drop in prices by INR 100-500/t with a major fall of INR 500/t was registered in billet in Hyderabad.

Also, induction furnace grade rebar prices declined by INR 100-700/t across locations, witnessing a sharp fall of INR 700/t in Hyderabad.

Semi Finished

• Induction grade billet export offers stood at around $605/t exw Durgapur, equivalent to $630-635/t CPT Nepal, via road delivery.
• Neo Metaliks in Durgapur has kept steel grade pig iron prices stable at INR 40,000/t exw.
• Sponge P-DRI prices in Raipur drop by INR 300/t to INR 30,800/t & deals reported through the participants as against offers of around INR 31,000/t on exw & FoR basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 31,000/t FoR Raipur.
• Ramgarh Sponge Iron Pvt. Ltd. offered billet at INR 44,000/t and sponge iron C-DRI (60:40) at INR 32,000/t exw Ramgarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,000/t exw Bellary.

Rebar (12 mm)

• GK TMT offer stable at INR 49,500/t exw Raipur.
• Shrishtii TMT offers reported at INR 47,300/t exw Raigarh. (Down by INR 100/t).
• Metalics 550D TMT offers reported at INR 48,000/t exw Sambalpur (Down by INR 700/t).
• Rathi Stelmax TMT is offering at INR 50,550/t exw Delhi/NCR (Down by INR 400/t).
• Rana TMT concluded deals of around 800 t at INR 48,900/t exw Muzaffarnagar.
• Indo Star TMT offers reported at INR 49,500/t exw Ghaziabad.
• Mono TMT is offering at INR 49,900/t FoR Ahmedabad.
• Kalika TMT offer stable at INR 49,300/t exw Jalna.
• ARS TMT(Fe 550 D) offer reported at INR 55,800/t exw Chennai.

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at $650-655/t exw Durgapur, equivalent to $680/t CPT Nepal.
• Trade discounts for wire rod in Raipur increased to INR 1,000-1,200/t following which prices dropped by INR 700/t to INR 46,000-46,300/t exw. Also, prices in Durgapur fell by INR 200/t to INR 47,000-47,200/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 47,500/t and given trade discount by INR 400-600/t, trade reference prices of 200 mm angle are at INR 49,700-50,100/t exw.

Reference prices as on 7th June’21