Indian DRI, billet and re-bar update – 24 Sep

The Indian induction furnace (IF) steel market remained supported on 24 Sep’21 as steel prices of the mid-sized mills increased by up to INR 400/t ($5), d-o-d.

As per SteelMint’s assessment, sponge iron offers increased by INR 50-400/t in the major markets except in Raipur and Rourkela where prices went down by INR 100-300/t. Also, domestic billet prices moved up by INR 150-400/t except in Mumbai and Chennai markets where it fell by INR 200-300/t.

Moreover, re-bar offers increased by INR 100-400/t across locations. However, a price correction of INR 200/t was seen in the western region.

Semi finished

• IF route billet export offers increased to around $570/t exw Durgapur, equivalent to $600/t CPT Nepal, via road delivery.
• Steel grade pig iron offers in Durgapur slightly fell by INR 100/t to INR 41,800-42,000/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur fell by INR 100/t & deals reported at around INR 30,200-30,300/t on exw & FoR Raipur 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.
• Jharkhand based plants reported about 2,000 t of billet deals for local and near by regions at around INR 42,200-42,400/t exw-Ramgarh.

Re-bar (12 mm)

• Goel TMT(Fe 500D) offers reported at INR 47,500/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,500/t exw Raigarh (Up by INR 300/t).
• Rathi Stelmax TMT is offering at INR 48,000/t exw Delhi/NCR(Up by INR 250/t).
• Swarup TMT offers reported at INR 46,000/t exw Muzaffarnagar.
• Kalika TMT is offering at INR 46,400/t exw Jalna(Down by INR 300/t).
• Mono TMT is offering at 46,700/t FoR Ahmedabad(Down by INR 200/t).
• SEL 550D TMT offers reported at INR 46,500/t exw Sambalpur.

Wire rod and structure

• Mid scale mills wire rod export offers up by $5/t to $610-615/t exw Durgapur, equivalent to $640/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rose by INR 300/t to INR 45,500-45,800/t exw, due to fall in trade discounts. Also, prices in Durgapur increased by INR 400/t to INR 45,000-45,300/t exw.
• Heavy structural steel, base price of 150 mm channel is decreased by INR 400/t at INR 47,600/t in Raipur with firm trade discount of INR 900-1,200/t. Trade reference price of 200 mm angle is at INR 49,400-49,800/t exw.