Indian DRI, billet and rebar update – 8 Jul

The Indian secondary steel market witnessed limited trading on 7 Jul’21, with prices fluctuating in the range of INR 100-300/tonne (t) d-o-d.

As per SteelMint assessment, Indian semi-finished steel (billet and sponge iron) offers fluctuated by INR 100-300/t across India.

While induction furnace grade rebar prices increased by INR 100-300/t in the northern and central regions of the country, offers declined by INR 100/t in Delhi, Raipur, Raigarh and Hyderabad.

Raw material

• Jharsuguda based pellet maker sold around 22,000 t raw pellets to local region at INR 14,800/t exw in two days.
• Raipur based few plants booked Silicon Manganese from Raigarh at around INR 96,600-96,800/t FoR.

Semi finished

• Sponge P-DRI prices in Raipur drop by INR 100-200/t & trades reported at INR 28,600-28,800/t on exw & FoR basis.
• Induction grade billet export offers slightly fall to $535-538/t exw Durgapur (equivalent to $565/t CPT Nepal), via road delivery. However, demand remains weak, as per exporters.
• Durgapur based Neo Metaliks has kept steel grade pig iron offers firm at INR 36,500/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,900/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,000-27,100/t exw Bellary & around 1,000 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,300/t exw Bellary.

Rebar (12 mm)

• GK TMT(Fe 500D) offers unchanged at INR 46,000/t exw Raipur.
• Shrishtii TMT offers reported at INR 43,700/t exw Raigarh.
• Century TMT offers unaltered at INR 45,000/t exw Muzaffarnagar.
• CPC Thermex TMT deal concluded for 600 t at 43,000/t exw Durgapur.
• Mono TMT is offering at INR 46,800/t FoR Ahmedabad (Up by INR 200/t).
• Polaad TMT kept offers stable at INR 46,000/t exw Jalna.

Wire rod and structure

• Mid scale mills wire rod export offers slightly fall to $585-590/t exw Durgapur, equivalent to $615/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur fell by INR 200/t to INR 44,500-44,700/t exw. However, in Durgapur prices remain stable at INR 43,500-43,700/t exw.
• Heavy structural steel, base price of 150 mm channel stable at INR 45,000/t in Raipur with firm trade discount at INR 800-1,000/t. Trade reference price of 200 mm angle is at INR 46,900-47,100/t exw.

Reference prices as on 8th Jul’21