Indian DRI, billet and re-bar update – 22 Sep

The Indian induction furnace-(IF) route steel market remained dull on 22 Sep’21, as steel prices of the mid-sized mills declined by up to INR 500/t ($7), d-o-d.

As per SteelMint assessment, sponge iron offers dropped by INR 50-200/t in major markets throughout the country. However, prices increased slightly by INR 50/t in Rourkela’s sponge iron market.

Also, domestic billet prices dropped by INR 50-500/t, although markets like Mumbai witnessed a price hike of INR 200/t.

Sources reported that due to dull finished steel demand, the prices corrected slightly today. However, market sources are not expecting a major downturn due to higher sponge prices across regions, driven higher by rising coal prices along with supply shortage.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 10,500/t exw.

Semi finished

• IF grade billet export offers reported at $570-575/t exw Durgapur, equivalent to $600/t CPT Nepal, via road delivery.
• Steel grade pig iron offers in Durgapur stood at INR 42,000-42,300/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur slightly fall & deals reported at around INR 30,500-30,600/t on exw & FoR Raipur basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,600-30,700/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,900/t exw Bellary.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,700/t exw Bellary.

Re-bar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 47,600/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,500/t exw Raigarh.
• Century TMT is offering at INR 46,400/t exw Muzaffarnagar.
• Polaad TMT offers stable at INR 46,700/t exw Jalna.
• Mono TMT offers stable at 47,200/t FoR Ahmedabad.
• Brahma TMT offers unaltered at 44,800/t Exw Durgapur.

Wire rod and structure

• Mid scale mills wire rod export offers fall to $615-620/t exw Durgapur, equivalent to $645/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur fell by INR 100/t to INR 45,500-45,700/t exw, due to increase in trade discounts. However, prices in Durgapur remain stable at INR 45,000-45,300/t exw.
• Heavy structural steel, base price of 150 mm channel offers stable at INR 48,000/t in Raipur with firm trade discount of INR 1,000-1,300/t. Trade reference price of 200 mm angle is at INR 49,800-50,200/t exw.