Indian DRI, billet and re-bar update – 13 Sep

The Indian induction furnace (IF) route steel market witnessed active trading activity on 13 Sept’21. Steel prices of midsized mills fluctuated by up to INR 700/t ($10), d-o-d.

As per SteelMint assessment, sponge iron markets in the country witnessed a surge in prices by INR 100-400/t.

Domestic billet offers increased by INR 100-500/t in many regions except Mumbai, Jalna and Ahmedabad (west India) and Hyderabad where prices moved down by INR 100-500/t.

IF route re-bar offers decreased by INR 100-700/t in most locations. However, prices increased slightly by INR 200-500/t in Durgapur and Chennai.

Raw material

• Karnataka based BMM Ispat offered raw pellets at INR 11,300/t exw Bellary.
• Raipur based participants reported Silicon Manganese (60-14) offers at INR 91,250-91,500/t exw, down by INR 1,000/t, w-o-w.

Semi finished

• Indian IF route billet export offers stood at $570-575/t exw Durgapur, equivalent to $600-605/t CPT Nepal. Odisha, based a producer reported one mini rake deal at $575/t loaded to rake.
• Sponge P-DRI (FeM 80%) offers in Raipur rose by INR 400/t to INR 29,700-29,800/t & healthy deals reported at INR 29,400-29,700/t on exw & FoR Raipur basis.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,600/t exw Bellary & around 2,500 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,600/t exw Bellary (Up by INR 200/t).

Rebar (12 mm)

• National TMT is offering at INR 48,800/t FoR Ahmedabad (Down by INR 400/t).
• GK TMT (Fe 500D) is offering at INR 46,500/t exw Raipur (Down by INR 300/t).
• Kalika TMT offers stable at INR 46,200/t exw Jalna.
• ARS TMT (Fe 550D) offers reported at INR 50,100/t exw Chennai.

Wire rod and structure

• Mid scale mills wire rod export offers up by $5-10/t to around $615/t exw Durgapur, equivalent to $640-645/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rose by INR 100/t to INR 44,300-44,500/t exw, due to drop in trade discounts. Also, prices in Durgapur moved up by INR 200/t to INR 44,700-45,000/t exw-Durgapur.
• Odisha, eastern India based steel manufacturer concluded around 5,000 t 5.5mm wire rod export deal at around $707/t, CIF Myanmar.
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 44,000/t exw.
• Heavy structural steel, base price of 150 mm channel offers stable at INR 46,700/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 48,300-48,700/t exw.