Indian DRI, billet and re-bar update – 8 Oct

The Indian induction furnace (IF) steel market registered a fall in prices on 8 Oct’21. Steel prices of the mid-sized mills dropped by up to INR 900/t ($12) across the country, d-o-d.

As per SteelMint assessment, semi-finished steel (including sponge iron and billet) prices declined by INR 100-900/t in the major markets, with the major fall of around INR 900/t seen in Durgapur’s sponge iron market.

Also, rebar prices dropped by INR 200-900/t; however, a sharp fall of INR 900/t was noticed in the northern region (Muzaffarnagar).

Sources stated that prices might rebound once demand for finished steel products improves. In the beginning of the week, healthy demand for rebar and steep coal prices were the key factors pushing up prices, they added.

Semi finished

• IF route billet export offers dropped to around $605-610/t exw Durgapur, equivalent to $635/t CPT Nepal, via road delivery.
• Steel grade pig iron offers in Durgapur remain stable at INR 45,700-45,900/t exw.
• Sponge P-DRI offers in Raipur down by INR 500/t & deals reported at INR 33,300-33,400/t on FoR basis.

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 51,500/t exw Raipur(Down by INR 1,000/t).
• Shrishtii TMT offers reported at INR 48,800/t exw Raigarh (Down by INR 1,000/t).
• Vinayak TMT is offering at 51,400/t FoR Ahmedabad(Down by INR 700/t).
• Kalika TMT offers stable at INR 50,500/t exw Jalna.
• ARS TMT(Fe 550D) offers stable at INR 57,600/t exw Chennai.
• Jharkhand based Rungta TMT Fe 500 offers reported at INR 46,900/t exw Chaliama.
• SEL 550D TMT offers reported at INR 51,500/t exw Sambalpur (Down by INR 500/t).

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $660-665/t exw Durgapur, equivalent to $690/t CPT Nepal.
• Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 49,500/t exw.
• Trade reference wire rod prices in Raipur fell by INR 600/t to INR 50,000-50,500/t exw, due to slash base offers. Prices in Durgapur declined by INR 500/t to INR 49,300-49,500/t exw-Durgapur.
• Heavy structural steel, base price of 150 mm channel is decreased by INR 500/t to INR 52,500/t in Raipur with firm trade discount of around INR 1,000/t. Trade reference price of 200 mm angle is at INR 54,300-54,700/t exw.