Indian DRI, billet and re-bar update – 23 Aug

Spot trading in the Indian secondary steel market continued to remain dull on 23 Aug’21. Secondary steel commodity prices fell sharply by up to INR 800/t ($11), d-o-d.

As per SteelMint assessment, the Indian semi-finished steel market (including sponge iron and billet) declined by INR 200-800/t in many regions, especially a marked decline of INR 700-800/t was observed in eastern, central and western regions of India.

Also, induction furnace (IF) route re-bar offers slipped by INR 100-600/t across the country following with a major drop in prices of around INR 500-600/t in the eastern and southern regions.

Ongoing price corrections in raw materials and sluggish trends globally have made buyers cautions in taking positions. As a result, trades remain inactive in major locations, SteelMint notes.

Semi finished

• Induction grade (IF) billet export offers drop to around $565/t, exw-Durgapur (equivalent to $590-595/t CPT Nepal).
• Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 39,200/t exw.
• Sponge P-DRI offers in Raipur fell by INR 800/t & deals reported at INR 30,100-30,200/t on exw & FoR Raipur basis.
• Brahmaputra Metallics Ltd. offered sponge C-DRI (60:40) at INR 32,000/t exw Ramgarh.

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 47,500/t exw Raipur (Down by INR 500/t).
• Rathi Stelmax TMT offers stable at INR 48,500/t exw Delhi/NCR.
• Century TMT is offering at INR 46,600/t exw Muzaffarnagar (Down by INR 400/t).
• Mono TMT offers stable at INR 50,000/t FoR Ahmedabad.
• Shree OM TMT is offering at INR 49,000/t exw Jalna (Down by INR 300/t).
• Shivam TMT offers at INR 44,800/t exw Durgapur.
• ARS TMT(Fe 550D) is offering at INR 50,100/t exw Chennai (Down by INR 2,000/t).

Wire rod and structure

• Mid scale mills wire rod export offers dropped around $610/t exw Durgapur, equivalent to $635-640/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur plunged by INR 1,000/t to INR 44,800-45,000/t exw, due to fall in base offers & increase in trade discounts. Also, assessment prices in Durgapur fell by INR 800/t to INR 44,800-45,000/t exw.
• Heavy structural steel, base price of 150 mm channel decrease by INR 500/t to INR 47,500/t in Raipur with firm trade discount of INR 800-1,100/t. Trade reference price of 200 mm angle is at INR 49,300-49,700/t exw.