Indian DRI, billet and rebar update – 30 Jul

Spot trading activity in the Indian secondary steel market remained subdued on 30 Jul’21 and prices dropped by up to INR 500/t ($7) d-o-d.

As per SteelMint assessment, Indian semi-finished steel (sponge iron and billet) prices declined by INR 100-500/t in most of the major markets. However, offers raised by INR 100-500/t in the eastern and southern regions.

The induction furnace route rebar market, too, recorded a drop in prices by around INR 100-200/t across the country. However, offers went up slightly by INR 200/t in Chennai’s rebar market.

Raw material

• Jharsuguda based pellet maker sold around 13,000 t raw pellets in local region at INR 14,600/t exw

Semi finished

• Induction grade billet export offers stable at around $577-580/t exw Durgapur (equivalent to $605/t CPT Nepal), via road delivery.
• Sponge P-DRI prices in Raipur dropped by INR 100/t & deals reported at INR 30,100-30,300/t on exw & FoR basis.
• Durgapur based Neo Metaliks has increased steel grade pig iron offers by INR 300/t to INR 38,800/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 30,200-30,300/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,100/t exw Bellary.

Rebar (12 mm)

• GK TMT(Fe 500D) offers unchanged at INR 48,000/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh.
• Rathi Stelmax TMT offers stable at INR 48,250/t exw Delhi/NCR .
• Century TMT is offering at INR 46,300/t exw Muzaffarnagar (Down by INR 200).
• Mono TMT is offering at INR 49,700/t FoR Ahmedabad (Up by INR 200/t).
• Gajkesari TMT kept offers stable at INR 48,000/t exw Jalna.
• Sova Super TMT offers reported at INR 45,300/t exw Durgapur.
• ARS TMT(Fe 550D) offer stable at INR 51,100/t exw Chennai.

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $620/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur fell by INR 100/t to INR 46,200-46,300/t exw, due to increase in trade discounts. Also, assessment prices in Durgapur fell by INR 200/t to INR 46,000-46,200/t exw.
• Heavy structural steel, base price of 150 mm channel stable at INR 47,200/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 49,000-49,400/t exw.

Reference prices as on 30th Jul’21