Indian DRI, billet and re-bar update – 12 Nov

The Indian induction furnace (IF) steel market witnessed mixed trends on 12 Nov’21. Steel prices of mid-sized mills fluctuated in the range of INR 50-700/tonne (t) on a day-to-day basis.

Semi-finished steel (including sponge iron and billet) offers remained volatile in the range of INR 50-500/t in most regions across the country. However, a major hike in prices to the tune of INR 500/t was observed in Durgapur, West Bengal.

On the other hand, rebar (Fe 500) prices declined by INR 100-700/t in major markets, following the sharpest correction of INR 700/t in the Delhi/NCR region.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 11,000/t exw (Down by INR 500/t).
• Karnataka based BMM Ispat offered raw pellets at INR 11,600/t exw Bellary.
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 95,000/t exw.

Semi finished

• Induction grade billet export offers increased to around $585-590/t exw Durgapur, equivalent to $610-615/t CPT Nepal.
• Raipur sponge P-DRI offers reported INR 30,400-30,500/t, however deals reported at around INR 30,300/t on exw basis.
• Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 43,000/t exw, however demand remains weak, as per officials.
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,300-30,400/t FoR Raipur.

Wire rod and structure

• Mid scale mills wire rod export offers stood at around $635/t exw Durgapur, equivalent to $660/t CPT Nepal.
• Trade reference wire rod prices in Raipur stable at INR 46,800-47,000/t exw, amid fall in trade discounts and base offers.
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 46,300/t exw.
• West Bengal based wire rod producer sold around 600 t at INR 46,800-46,900/t on exw Durgapur basis.
• In Heavy structural steel, base price of 150 mm channel is decreased by INR 500/t to INR 51,000/t in Raipur with firm trade discount of INR 1,000-1,200/t. Trade reference price of 200 mm angle is at INR 52,800-53,200/t exw.

Click here for re-bar brand wise details