Indian DRI, billet and re-bar update – 26 Nov

The Indian induction furnace (IF) steel market witnessed positive trend on strong demand on 26 Nov’21. Prices of the mid-sized mills increased by up to INR 800/tonne ($11) (t), d-o-d.

Semi-finished steel (including sponge iron and billet) offers moved up by INR 100-800/t while offers in Chennai’s (South India) billet markets saw a drop of INR 500/t.

Moreover, rebar (Fe 500) prices increased by INR 200-600/t across many regions in the country while the same fell by INR 500/t in Jalna (Maharashtra).

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 9,500/t exw.

Semi finished

• Induction-grade billet export offers stood at around $550-555/t exw-Durgapur, equivalent to $575-580/t CPT Nepal.
• Raipur sponge P-DRI offers were reported at INR 29,000-29,200/t. However, deals were reported at around INR 28,600-28,800/t on exw and DAP basis.
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 500/t to INR 39,500/t exw.
• West Bengal-based seller concluded 700 t of sponge C-DRI (70% lumps, 30% fines) at INR 31,100-31,200/t DAP Durgapur.
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,800/t FOR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,800/t exw-Bellary. Around 3,000 t of deals were reported in Hyderabad region.
• Sources reported that Chandrapur (Maharashtra) based manufacturers offered sponge C-DRI (FeM 80) at INR 31,000/t exw.

Wire rod and structure

• Mid scale mills’ wire rod export offers stood at $605-610/t exw-Durgapur, equivalent to $630-635/t CPT Nepal.
• Raipur-based wire rod suppliers increased the base price by INR 400/t to INR 46,700/t and were giving trade discounts of INR 1,000-1,300/t. Trade reference price for 5.5mm stood at INR 45,600-45,800/t exw. Also, Durgapur’s wire rod offers increased by INR 300 to INR 45,300-45,500/t exw.
• In heavy structural steel, base price of 150 mm channel offers were stable at INR 49,500/t in Raipur with firm trade discounts of around INR 1,500/t. Trade reference price of 200 mm angle was at INR 51,200-51,700/t exw.

Click here for re-bar brand wise details