Indian DRI, billet and rebar update – 21 Jul

Spot trading activity in the Indian secondary steel market received a boost on 21 Jul’21, with prices climbing in major locations by up to INR 800/tonne (t) ($11) day-on-day.

As per SteelMint assessment, sponge iron prices in the country increased by INR 100-500/t, with a major hike witnessed in Jharkhand’s Ramgarh market. Domestic billet offers surged in the range of INR 100-800/t across the country. However, a price correction of INR 500/t was recorded in Hyderabad.

In addition, induction furnace route rebar prices increased by INR 100-600/t in major markets.

Active demand and optimistic global trends were the key factors behind the price rise, SteelMint notes.

Raw material

• Jharsuguda based pellet maker sold around 6,000 t raw pellets to Raigarh at INR 14,500/t exw.

Semi finished

• Induction grade billet export offers increased by $5/t to $565-570/t exw Durgapur (equivalent to $595/t CPT Nepal), via road delivery. Around 2,000-3,000 deals reported today on revised prices.
• Sponge P-DRI prices in Raipur rose by INR 200/t & deals reported at INR 29,600-29,700/t on exw & FoR basis.
• Durgapur based Neo Metaliks has raised steel grade pig iron offers by INR 300/t to INR 38,000/t exw & few deals reported by officials.
• Jharkhand Ispat Pvt. Ltd. concluded 2,000 t billet deals at INR 42,200/t & around 1,700 t work done in pellet sponge (Fe79) at INR 29,300-29,500/t exw Ramgarh.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 29,000/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,000/t exw Bellary.

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 47,200/t exw Raipur.
• BS TMX offers reported at INR 44,700/t exw Raigarh (Up by INR 100/t).
• Century TMT offers unaltered at INR 45,500/t exw Muzaffarnagar.
• Sova Super TMT is offering at INR 44,700/t exw Durgapur (Up by INR 300/t).
• Vinayak TMT offers reported at INR 49,000/t FoR Ahmedabad.
• Polaad TMT kept offers stable at INR 47,500/t exw Jalna.

Wire rod and structure

• Mid scale mills wire rod export offers increased to $615-620/t exw Durgapur, equivalent to $645/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur up by INR 100/t due to fall in trade discounts & deals reported at around INR 46,000/t exw. Also, assessment prices in Durgapur surged by INR 300/t to INR 45,700-46,000/t exw.
• Heavy structural steel, base price of 150 mm channel stable at INR 46,300/t in Raipur with firm trade discount at INR 500-800/t. Trade reference price of 200 mm angle is at INR 48,400-48,800/t exw.

Reference prices as on 21st Jul’21