Indian DRI, billet and rebar update – 10 Jun

The Indian secondary steel market witnessed a hike in prices following positive sentiments that arose due to pick up in trading activity and a tight raw materials supply scenario. Mills raised prices by INR 700/t ($10), day-on-day.

Semi-finished steel (sponge iron and billet) offers saw an uptick by INR 100-700/t across markets; however, a downfall of INR 100-300/t was witnessed in Bellary’s sponge iron market.

Meanwhile, induction furnace grade rebar prices increased by INR 100-400/t across locations even as markets in the southern region (Bangalore) witnessed a marginal fall of INR 200/t.

Raw material

• Karnataka based BMM Ispat offered raw pellets at INR 13,500/t exw Bellary (Down by INR 200).
• Odisha based sponge manufacturers getting Rb2 coal offers at INR 7,900/t from Gopalpur port.

Semi finished

• Induction grade billet export offers hovering at $590/t exw Durgapur, equivalent to $615-620/t CPT Nepal, via road delivery.
• Neo Metaliks in Durgapur has maintained steel grade pig iron price firm at INR 40,000/t exw.
• Sponge P-DRI prices in Raipur increased by INR 400/t to INR 30,700-30,800/t & deals reported through the participants as against offers of INR 30,800-31,000/t exw & FoR basis.
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 30,700/t exw.
• Jindal Steel is offered steel grade pig iron at INR 39,500/t exw Raigarh.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,700/t exw Bellary (Down by INR 100/t).
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,200/t exw Bellary (Down by INR 400/t).

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 47,000/t exw Raigarh. (Up by INR 300/t).
• Metalics 550D TMT offers reported at INR 47,400/t exw Sambalpur.
• GK TMT offer stable at INR 49,000/t exw Raipur.
• Rathi Stelmax TMT is offering at INR 50,500/t exw Delhi/NCR (Up by INR 250/t).
• Rana TMT offers reported at INR 49,000/t exw Muzaffarnagar (Up by INR 400/t).
• Indo Star TMT is offering at INR 48,700/t exw Ghaziabad.
• Brahma TMT is offering at INR 47,500/t exw Durgapur (Up by 300/t).
• Mono TMT is offering at INR 49,700/t FoR Ahmedabad (Up by INR 200/t).
• Polaad TMT offer stable at INR 48,500/t exw Jalna.

Wire rod and structure

• Mid scale mills wire rod export offers reported at around $645-650/t exw Durgapur, equivalent to $675/t CPT Nepal.
• Trade discounts for wire rod in Raipur dropped to INR 400-500/t, following which trade reference prices up by INR 300/t to INR 46,200-46,300/t exw. However, prices in Durgapur remained stable at INR 46,300-46,500/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 by INR 300-500/t, trade reference price of 200 mm angle is at INR 49,200-49,600/t exw.

Reference prices as on 10th June’21