Indian DRI, billet and rebar update – 13 Jul

Dull sentiments prevailed in the Indian secondary steel market on 13 Jul’21, while prices declined by up to INR 900/tonne (t) ($13) d-o-d.

As per SteelMint assessment, sponge iron offers decreased by INR 100-300/t in major markets, although prices went up by INR 300-500/t in the southern region, including Bellary and Hyderabad.

Similarly, domestic billet prices too, declined in the range of INR 200-900/t across markets, with a major fall of INR 800-900/t witnessed in the Gujrat and Mandi Gobindgarh. However, price hike of INR 500/t seen in Chennai market.

Induction furnace grade rebar prices, too, dropped by INR 100-600/t with a major fall noticed in Muzaffarnagar. However, Mumbai-based mills increased offers by INR 600/t.

Raw material

• Jharsuguda based pellet maker sold around 2,000 t raw pellets to local region at INR 14,800/t exw

Semi finished

• Induction grade billet export offers fell by $5/t to $545/t exw Durgapur (equivalent to $570-575/t CPT Nepal), via road delivery.
• Sponge P-DRI prices in Raipur drop by INR 100/t & few trades reported at INR 28,900-29,000/t on exw & FoR basis.
• Durgapur based Neo Metaliks has raised steel grade pig iron offers by INR 200/t to INR 37,200/t exw.
• Jajpur, Odisha based sponge supplier sold around 500 t FeM 80 C-DRI mix material at around INR 30,000/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,300/t FoR Raipur (Down by INR 200/t).
• Raigarh based Singhal Steel offered P-DRI at INR 28,500/t & Billet at INR 40,500/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,600/t exw Bellary & around 2,200 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,500/t exw Bellary.

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 46,400/t exw Raipur.
• BS TMX offers reported at INR 44,200/t exw Raigarh (Down by INR 300/t).
• Century TMT is offering at INR 45,100/t exw Muzaffarnagar (Down by INR 400/t).
• Mono TMT is offering at INR 47,450/t FoR Ahmedabad (Up by INR 200/t).
• Polaad TMT kept offers unchanged at INR 46,600/t exw Jalna.
• Metalics 550D TMT offers reported at INR 45,300/t exw Sambalpur.

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $595/t exw Durgapur, equivalent to $620-625/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur down by INR 500/t to INR 44,800-45,000/t exw, due to increase in trade discounts. Also prices declined in Durgapur by INR 300/t to INR 44,000-44,200/t exw.
• Heavy structural steel, base price of 150 mm channel increased by INR 200/t to INR 45,500/t in Raipur with firm trade discount at INR 800-1,000/t. Trade reference price of 200 mm angle is at INR 47,500-47,800/t exw.

Reference prices as on 13th Jul’21