Indian DRI, billet and re-bar update – 9 Dec

The induction furnace (IF) steel market continued to remain supported on healthy demand in the first half of today’s trading session. However, the market turned slow in the second half. Steel prices of the mid-sized mills increased by up to INR 1,100/tonne (t) ($14/t), d-o-d.

Indian semi-finished steel (including sponge iron and billet) offers moved up by INR 200-850/t across the country, following a sharp rise of INR 800-850/t in the western, central and southern regions.

Moreover, re-bar offers increased by INR 200-1,100/t across locations, with a sharp rise of INR 1,100/t seen in Raigarh, central India.

Raw material

• Karnataka based BMM Ispat sold around 5,000 t pellets in nearby market at INR 9,800/t exw Bellary.
• Jharsuguda based pellet maker sold around 5,000 t raw pellets in local region at INR 9,500/t exw.

Semi finished

• Induction grade billet export offers raised by $5 to around $550-555/t exw Durgapur, equivalent to $575-580/t CPT Nepal.
• Raipur sponge P-DRI deals were reported at INR 28,000-28,200/t on exw & DAP basis, however later buying interest was poor, as per participants.
• Neo Metaliks in Durgapur has increased steel grade pig iron offers by INR 300/t to INR 37,800/t exw.
• West Bengal based sponge maker sold around 1,200 t C-DRI at INR 30,300-30,500/t on DAP Durgapur basis.
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 27,600/t exw Jharsuguda.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,700-27,800/t exw Bellary & around 1,000 t deals reported in Hyderabad region.
• BIOP Steels has offered FeM 80 C-DRI lumps at INR 29,200/t, while Hare Krishna Steel concluded 500 t deals at INR 29,000/t, exw Bellary.

Wire rod and structure

• Mid scale mills wire rod export offers slightly raised by $5 to $595-600/t exw Durgapur, equivalent to $620-625/t CPT Nepal.
• Durgapur based manufacturer sold around 800 t of wire rod at INR 45,000-45,300/t exw in near by region.
• In Heavy structural steel, base price of 150 mm channel is inclined by INR 500/t to INR 49,000/t in Raipur with firm trade discount of INR 1,700- 2,000/t. Trade reference price of 200 mm angle is at INR 50,100-50,500/t exw.

Click here for re-bar brand wise details