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

The Indian induction furnace (IF) steel market witnessed dull demand on 23 Sep’21. Steel prices of the mid-sized mills dropped by up to INR 500/t ($7), d-o-d.

As per SteelMint assessment, sponge iron offers dropped by INR 50-300/t in major markets throughout the country. Domestic billet prices declined by INR 100-400/t in most locations.

Moreover, re-bar offers fell in the range of INR 100-500/t across locations due to dull finished steel demand, although prices in the Delhi/NCR market increased by INR 200/t.

Semi finished

• IF route billet export offers fell by $5-10/t to $565/t exw Durgapur, equivalent to $590-595/t CPT Nepal, via road delivery.
• Steel grade pig iron offers in Durgapur stable at INR 42,000-42,200/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur down by INR 100-200/t & a few deals reported at around INR 30,300-30,400/t on exw & FoR Raipur basis.
• Around 1,400 t billet deals confirmed at about INR 42,100/t and 900 t sponge P-DRI deals at INR 28,900/t for local region on exw Ramgarh (Jharkhand) basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,300-30,400/t FoR Raipur.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,600/t exw Bellary.

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 47,300/t exw Raipur(Down by INR 300/t).
• Shrishtii TMT offers reported at INR 45,200/t exw Raigarh (Down by INR 300/t).
• Rathi Stelmax TMT offers stable at INR 47,750/t exw Delhi/NCR.
• Swarup TMT is offering at INR 46,100/t exw Muzaffarnagar (Down by INR 400/t).
• Polaad TMT offers stable at INR 46,700/t exw Jalna.
• Mono TMT is offering at 46,900/t FoR Ahmedabad (Down by INR 300/t).
• Brahma TMT offers reported at INR 44,300/t (Down by INR 300/t).
• SEL 550D TMT offers reported at INR 46,500/t exw Sambalpur.

Wire rod and structure

• Mid scale mills wire rod export offers declined by $10/t to $605-610/t exw Durgapur, equivalent to $635/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur fell by INR 200/t to INR 45,200-45,500/t exw, due to increase in trade discounts. Also, prices in Durgapur fell by INR 500/t to INR 44,700-45,000/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 49,600-50,000/t exw.