Indian DRI, billet and re-bar update – 20 Sep

The Indian induction furnace-(IF) route steel market turned out to be supportive on 20 Sep’21 as steel prices of the mid-sized mills increased by up to INR 800/t ($11), d-o-d.

As per SteelMint’s assessment, sponge iron offers increased by INR 50-500/t in many regions except Bellary (South India), where prices dropped by INR 100-250/t. Moreover, domestic billet prices also saw an uptick of INR 50-650/t in major locations.

IF-route rebar prices have moved up by INR 100-800/t across major markets in the country.

Demand was slightly better today compared to last week-end when trades slowed down due to the festive break, especially in the central region, SteelMint notes.

Raw material

• Odisha based pellet maker sold around 8,000 t raw pellets in Raigarh & local region at INR 10,700/t exw Jharsuguda

Semi finished

• Steel grade pig iron prices in Durgapur stable at INR 42,000-42,300/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur up by INR 300/t & deals reported at around INR 30,200-30,500/t on exw & FoR Raipur basis.
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 30,300/t exw.
• Jharkhand based billet manufacturer sold 600 t billet at INR 42,800/t exw Ramgarh.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,500-30,600/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,000/t exw Bellary (Down by INR 200/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,800/t exw Bellary (Down by INR 200/t)

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 47,200/t exw Raipur (Up by INR 400/t).
• Shrishtii TMT offers reported at INR 45,600/t exw Raigarh (Up by INR 400/t).
• Rathi Stelmax TMT is offering at INR 47,650/t exw Delhi/NCR (Up by INR 300/t).
• Century TMT offers reported at INR 46,000/t exw Muzaffarnagar.
• Polaad TMT offers stable at INR 46,500/t exw Jalna.
• Mono TMT offers stable at 47,000/t FoR Ahmedabad.
• Brahma TMT is offering at INR 45,000/t exw Durgapur.
• SEL 550D TMT offers reported at INR 46,500/t exw Sambalpur.
• ARS TMT(Fe 550D) offers reported at INR 51,600/t exw Chennai.

Wire rod and structure

• Heavy structural steel, base price of 150 mm channel offers stable at INR 47,500/t in Raipur with firm trade discount of INR 800-1,000/t. Trade reference price of 200 mm angle is at INR 49,300-49,700/t exw.
• Mid scale mills wire rod export offers stable at $620-625/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rose by INR 800/t to INR 45,800-46,000/t exw, due to increase in base offers. Also, prices in Durgapur increased by INR 200/t to INR 45,300-45,500/t exw.