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

The Indian induction furnace (IF) steel market gained momentum in the first half of the trading session on 27 Oct’21 due to active buying. However, the market started losing strength in the latter half of the day.

Steel prices of the mid-sized mills fluctuated by INR 50-1,100/tonne (t) on a day-to-day basis.

Semi-finished steel (including sponge iron and billet) offers increased by INR 100-600/t in all the key markets, whereas billet prices fell by INR 700/t & INR 1,500/t, in Ramgarh & Chennai, respectively.

In addition, rebar offers (Fe 500) fluctuated by INR 200-1,100/t across locations. However, a sharp increase of INR 1,100/t was seen in Durgapur (West Bengal).

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 12,500/t exw.

Semi finished

• Indian IF route billet export offers increased to around $620/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
• Raipur sponge P-DRI offers increased by INR 300-500/t to INR 32,800-33,000/t & deals reported at INR 32,600-33,000/t on exw & FoR basis.
• Steel grade Pig iron offers through the Neo Metaliks down by INR 300/t to INR 45,300/t exw Durgapur.
• Ramgarh based producers sold around 1,500 t sponge PDRI at INR 32,400-32,500/t & 1,000 t sponge C-DRI (60:40) at INR 35,200/t exw.
• Durgapur based sponge producer sold 600 t PDRI (5-18 mm) at INR 32,800-33,000/t on FoR basis.
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 32,800/t FoR Raipur.
• An export deal for 1,260 t (one mini rake), FeM 80-82 C-DRI lumps reported to Nepal at around INR 36,900/t ($492), loaded to rake, from Odisha.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 34,500/t exw Bellary.

Wire rod and structure

• Mid scale mills wire rod export offers rose by $10-15/t to around $670/t exw Durgapur, equivalent to $695/t CPT Nepal.
• Trade reference wire rod prices in Raipur increased by INR 800/t to INR 49,500-50,000/t exw, due to fall in trade discounts. Also, prices in Durgapur rallied by INR 800/t to INR 49,800-50,000/t exw.
• Durgapur wire rod offers stood at INR 50,000/t, however, 700 t (5.5 mm) deals concluded at INR 49,700-49,800/t exw.
• Jharsuguda, Odisha based steel manufactures concluded around 2,000 t 5.5mm wire rod deals at INR 49,000/t exw a day before.
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 49,000/t exw.
• In 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.

Click here for re-bar brand wise details