Indian DRI, billet and re-bar update – 27 Sep

The Indian induction furnace (IF) steel market remained supported on 27 Sep’21 and steel prices of the mid-sized mills increased by INR 700/t ($10), d-o-d.

As per SteelMint assessment, sponge iron offers increased by INR 100-700/t in the major markets, with a major hike of INR 600-700/t observed in Durgapur (West Bengal). However, prices went down by INR 100/t in Bellary (South India).

Domestic billet offers moved up by INR 100-550/t, except in Jalna and Mumbai (Maharashtra), where it fell by INR 100/t.

Moreover, re-bar offers increased by INR 100-300/t across locations. However, a price correction of INR 100-200/t was seen in the western region.

Semi finished

• IF route billet export offers increased to around $580/t exw Durgapur, equivalent to $605-610/t CPT Nepal, via road delivery. However demand remains limited, as per participants.
• Steel grade pig iron offers in Durgapur moved up by INR 500/t to INR 42,200-42,500/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur rose by INR 200/t & deals reported at around INR 30,300-30,500/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 29,400/t exw Bellary.

Re-bar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 47,300/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh (Up by INR 300/t).
• Swarup TMT is offering at INR 46,500/t exw Muzaffarnagar (Up by INR 300/t).
• Kalika TMT is offering at INR 46,000/t exw Jalna (Down by INR 400/t).
• Mono TMT is offering at 46,650/t FoR Ahmedabad(Down by INR 200/t).
• Rathi Stelmax TMT is offering at INR 47,750/t exw Delhi/NCR (Down by INR 250/t).
• ARS TMT(Fe 550D) offers reported at INR 51,600/t exw Chennai.
• SEL 550D TMT offers reported at INR 46,800/t exw Sambalpur.
• A One Steel & alloys sold around 1,000 t rebar at INR 50,800/t exw Bellary.

Wire rod and structure

• Mid scale mills wire rod export offers rose to $620-625/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur increased by INR 200/t to INR 45,500-45,700/t exw, due to fall in trade discounts. Also, prices in Durgapur surged by INR 500/t to INR 45,500-45,700/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 700-1,000/t. Trade reference price of 200 mm angle is at INR 49,800-50,200/t exw.