Indian DRI, billet and rebar update – 5 Jul

Spot trading activity in India’s secondary steel market witnessed slight recovery on 5 Jul’21, with offers rebounding by INR 400/t ($5) d-o-d.

As per SteelMint assessment, domestic sponge iron offers fluctuated by INR 100-300/t across regions. However, IF grade billet prices increased by INR 100-400/t, while a slight fall of around INR 300/t was observed Chennai markets.

Moreover, induction furnace grade rebar prices declined by INR 100-400/t and even markets in the southern region saw a drop of INR 200/t in prices.

Raw material

• Jsw Ispat Special Products Limited concluded few deals of 60-14 silico manganese for Odisha at INR 98,500/t exw Raipur- Officials.

Semi finished

• Induction grade billet export offers increased to around $540/t exw Durgapur (equivalent to $565-570/t CPT Nepal), via road delivery, however few bids reported at lessen price by $10/t compared to prevailing offers.
• Sponge P-DRI prices in Raipur fell by INR 100/t & deals reported at around INR 28,800-29,000/t on exw & FoR basis.
• Durgapur based Neo Metaliks is offering steel grade pig iron at INR 36,600-36,700/t exw (down by INR 100/t).
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,000/t FoR Raipur (Down by INR 300/t).
• Jsw Ispat Special Products Limited concluded deals of 700 t P-DRI at INR 29,100/t FoR Raipur a day before.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,000/t exw Bellary & around 1,500 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,800/t exw Bellary.

Rebar (12 mm)

• BS TMX offers reported at INR 43,300/t exw Raigarh.
• Metalics 550D TMT offers reported at INR 44,700/t exw Sambalpur.
• Swarup TMT offers stable at INR 45,500/t exw Muzaffarnagar.
• CPC Thermex TMT offers unchanged at INR 43,300/t exw Durgapur.
• Kalika TMT offers unchanged at INR 46,000/t exw Jalna.
• Goel TMT(Fe 500D) offers unchanged at INR 46,200/t exw Raipur.
• Mono TMT offers unchanged at INR 46,950/t FoR Ahmedabad

Wire rod and structure

• Mid scale mills wire rod export offers reported at $585-590/t exw Durgapur, equivalent to $615/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rose by INR 100/t to INR 44,700-45,000/t exw, due to fall in trade discounts. Also, prices in Durgapur gained by INR 300/t to INR 43,500-43,700/t exw.

Reference prices as on 5th Jul’21