Indian DRI, billet and rebar update – 26 Jul

Spot trading in the Indian secondary steel market remained active on 26 Jul’21 with prices increasing by up to INR 600/t ($8) d-o-d.

As per SteelMint assessment, sponge iron prices surged by INR 100-500/t in major markets, with a sharp hike of INR 500/t in Raigarh’s sponge iron market. Also, domestic billet offers moved up by INR 100-600/t across the country. However, a major hike was witnessed in Mumbai (Maharashtra).

In addition, the induction furnace rebar market recorded positive trends as prices increased by INR 100-300/t in many regions, while price correction of INR 100/t was seen in the central and southern parts of India.

Raw material

• Jharsuguda based pellet maker sold around 15,000 t raw pellets to Raigarh & local region at INR 14,600/t exw.
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 93,500/t exw.
• Karnataka based BMM Ispat offered raw pellets at INR 13,000/t exw Bellary

Semi finished

• Induction grade billet export offers stood at $565-570/t exw Durgapur (equivalent to $595/t CPT Nepal), via road delivery.
• Sponge P-DRI prices in Raipur surged by INR 300/t & deals reported at INR 29,600-30,000/t on exw & FoR basis.
• Durgapur based Neo Metaliks has raised steel grade pig iron offers by INR 200/t to INR 38,200/t exw.
• Jharsuguda, Odisha based sponge supplier sold around 1,700 t FeM 80 P-DRI at around INR 28,900/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,200-29,300/t exw Bellary & around 1,000 t deals reported in nearby region.
• Jindal Steel has offered panther shots (granulated pig iron) at INR 38,000/t exw Angul.

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 47,400/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,400/t exw Raigarh (Up by INR 400/t).
• Mono TMT offers unchanged at INR 49,100/t FoR Ahmedabad (Up by INR 200/t).
• Century TMT is offering at INR 45,700/t exw Muzaffarnagar.
• Polaad TMT is offering at INR 47,700/t exw Jalna (Up by INR 200/t).
• Brahma TMT offers reported at INR 44,500/t exw Durgapur (Up by INR 400/t).
• ARS TMT(Fe 550 D) offer reported at INR 51,100/t exw Chennai.

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $615/t exw Durgapur, equivalent to $640-645/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rose by INR 200/t to INR 45,700-46,000/t exw, due to increase in base prices. However, assessment prices in Durgapur are stable at INR 45,500-45,700/t exw.
• Raigarh based Singhal Steel concluded around 1,200 t deals of wire rod at INR 45,200/t exw.
• Heavy structural steel, base price of 150 mm channel decreased by INR 300/t to INR 46,400/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 48,300-48,700/t exw.

Reference prices as on 26th Jul’21