Indian DRI, billet and re-bar update – 6 Dec

The induction furnace (IF) steel market remained weak on 6 Dec’21. Prices of semi-finished steel products of the mid-sized mills declined by up to INR 800/tonne (t) ($11), d-o-d.

Indian semi-finished steel (including sponge iron and billet) offers dropped by INR 50-800/t, following a major decline of INR 800/t in the sponge iron market in Durgapur, eastern India.

Also, re-bar prices continue to trend downwards. Prices of Fe 500 grade material decreased by INR 300-600/t d-o-d. A major correction of INR 600/t was seen in Raipur, central India.

Although the prices slump on day trades, the inquiries improve specifically in the central region, hence sources are expecting the prices should find stability and if demand resumes, the prices may find support, SteelMint notes.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 8,500/t exw.
• Karnataka based BMM Ispat offered raw pellets at INR 9,600/t exw Bellary.

Semi finished

• Induction grade billet export offers reduced by $10-15 to around $530-535/t exw Durgapur, equivalent to $555-560/t CPT Nepal.
• About 1,000 sponge C-DRI (FeM 80%, lumps 100%) export deals reported at around $428-430/t CPT Benapole, equivalent to $455-460/t CFR Chittagong, Bangladesh.
• Raipur sponge P-DRI offers reported at INR 27,000-27,200/t exw, however a few deals confirmed at around INR 26,700-26,800/t on DAP basis from Odisha.
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 500/t to INR 37,300/t exw.
• Jharkhand based billet manufacturers sold 700 t low carbon billet at INR 40,800/t and around 500 t mild steel billet at INR 40,600/t on ex Ramgarh basis.
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 26,700-26,800/t FoR Raipur.

Wire rod and structure

• Mid scale mills wire rod export offers fall by $10-15 to $580-585/t exw Durgapur, equivalent to $605-610/t CPT Nepal.
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 43,000/t exw.
• Jharsuguda, Odisha based wire rod supplier concluded around 2,000 t deals at INR 43,000/t exw.
• In Heavy structural steel, base price of 150 mm channel reduce by INR 500/t to INR 48,500/t in Raipur with firm trade discount of INR 2,300-2,500/t. Trade reference price of 200 mm angle is at INR 48,800-49,200/t exw.

Click here for re-bar brand wise details