Indian DRI, billet and re-bar update – 1 Oct

Prices kept surging in the Indian induction furnace (IF) steel market on 1 Oct’21. Steel prices of the mid-sized mills increased by up to INR 2,200/t ($30), d-o-d.

As per SteelMint assessment, semi-finished steel (including sponge iron and billet) offers surged by INR 500-2,000/t across all locations in the country following a major price hike of around INR 2,000/t in Hyderabad’s billet market.

Moreover, rebar prices surged by INR 900-2,200/t in all major markets. However, a sharp rise in the range of INR 2,000-2,200/t was seen in the eastern, central and southern regions.

Prices increased amidst active demand and healthy orders among suppliers along with expectations of inch up consistently, SteelMint notes.

Semi finished

• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 33,800/t FoR Raipur.
• IF route billet export offers increased by $15-20/t to around $630/t exw Durgapur, equivalent to $655-660/t CPT Nepal, via road delivery. However, a few lots (around 1,000 t) sold from Odisha at around $620/t exw, equivalent to $645-650/t CPT Nepal.
• Steel grade pig iron offers in Durgapur surged by INR 1,000/t to around INR INR 46,000/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur rose by INR 1,000/t & deals reported in the range of INR 33,500-34,000/t on exw & FoR Raipur basis.

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 51,500/t exw Raipur(Up by INR 1,500/t).
• Shrishtii TMT offers reported at INR 50,300/t exw Raigarh.
• Rana 550 TMT is offering at INR 49,800/t exw Muzaffarnagar (Up by INR 1000/t).
• Kalika TMT is offering at INR 50,500/t exw Jalna(Up by INR 1,000/t).
• SEL 550D TMT offers reported at INR 50,500/t exw Sambalpur.
• ARS TMT(Fe 550D) offers reported at INR 54,600/t exw Chennai.

Wire rod and structure

• Trade reference wire rod prices in Raipur stable at INR 51,800-52,000/t exw. However, prices in Durgapur surged by INR 1,000/t to INR 50,500-51,000/t exw.
• Heavy structural steel, base price of 150 mm channel is increased by INR 1,000/t at INR 52,000/t in Raipur with firm trade discount of INR 500-800/t. Trade reference price of 200 mm angle is at INR 53,400-53,900/t exw.