Indian DRI, billet and rebar update – 9 Jul

Spot trading activity in the Indian secondary steel market remained active on 9 Jul’21, while prices increased by up to INR 600/tonne (t) ($8) d-o-d.

As per SteelMint assessment, Indian sponge iron offers fluctuated in the range of INR 100-300/t in many locations. However domestic billet prices surged by INR 100-600/t nationwide, with a major hike of around INR 600/t recorded in Gujrat, whereas a slight correction in prices to the tune of INR 100/t was observed in Odisha’s Rourkela.

Induction furnace grade rebar prices increased by INR 100-400/t across major markets; meanwhile, regions like Raigarh, Rourkela and Hyderabad witnessed a decline in prices by INR 100-300/t.

Semi finished

• Induction grade billet export offers reported at $535-540/t exw Durgapur (equivalent to $560-565/t CPT Nepal), via road delivery.
• Sponge P-DRI prices in Raipur stable & trades reported at INR 28,700-28,800/t on exw & FoR basis.
• 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 28,800-28,900/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,300/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 28,500/t exw Bellary (Up by INR 200/t).

Rebar (12 mm)

• GK TMT(Fe 500D) is offering at INR 45,800/t exw Raipur (Down by INR 200/t).
• Shrishtii TMT offers reported at INR 43,700/t exw Raigarh.
• Rana TMT offers reported at INR 45,200/t exw Muzaffarnagar.
• VSP TMT is offering at INR 42,900/t exw Durgapur.
• Mono TMT offer unchanged at INR 46,800/t FoR Ahmedabad.
• Polaad TMT kept offer stable at INR 46,000/t exw Jalna.

Wire rod and structure

• Mid scale mills wire rod export offers unaltered at $585-590/t exw Durgapur, equivalent to $615/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur unaltered at INR 44,500-44,700/t exw. However, in Durgapur prices up by INR 200/t to INR 43,700-43,800/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 46,900-47,300/t exw.

Reference prices as on 9th Jul’21