Indian DRI, billet and re-bar update – 14 Sep

The Indian induction furnace (IF) route steel market remained supported on 14 Sept’21 as steel prices of midsized mills increased by up to INR 1,000/t ($14), d-o-d.

As per SteelMint assessment, sponge iron markets in the country witnessed a surge in prices by INR 100-500/t.

Domestic billet offers increased by INR 200-1,000/t in many regions following a major hike of around INR 1,000/t in Hyderabad (south India).

IF route re-bar offers increased by INR 200-500/t in most locations. However, prices moved down slightly by INR 100-300/t in Jalna and Ahmedabad (West India).

Raw material

• Jharsuguda based pellet maker sold around 12,000 t raw pellets in Raigarh & local region at INR 11,000/t exw.

Semi finished

• Indian IF route billet export offers stood at around $575/t exw Durgapur, equivalent to $605/t CPT Nepal.
• Sponge P-DRI (FeM 80%) offers in Raipur up by INR 100/t to INR 29,800-29,900/t & deals reported at INR 29,700-29,800/t on exw & FoR Raipur basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,700-29,800/t FoR Raipur.
• Rourkela based manufacturer, Mahavir Ferro Alloys concluded around 500 t deals of billet (150×150) at INR 42,000/t exw.
• Jharkhand based manufacturer sold 500 t billet at 42,400/t exw Ramgarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,000/t exw Bellary.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,800/t exw Bellary (Up by INR 200/t).

Rebar (12 mm)

• Goel TMT(Fe 500D) is offering at INR 46,800/t exw Raipur (Up by INR 200/t).
• Shrishtii TMT offers reported at INR 44,800/t exw Raigarh.
• Rathi Stelmax TMT offers stable at INR 47,250/t exw Delhi/NCR.
• Swarup TMT is offering at INR 46,200/t exw Muzaffarnagar (Up by INR 400/t).
• Polaad TMT offers stable at INR 46,200/t exw Jalna.
• Mono TMT is offering at INR 47,100/t FoR Ahmedabad (Down by INR 300/t).
• SEL 500D TMT offers reported at INR 46,200/t exw Sambalpur.
• ARS TMT(Fe 550D) offers reported at INR 50,100/t exw Chennai.

Wire rod and structure

• Mid scale mills wire rod export rose by $5/t to around $620/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rose by INR 600/t to INR 44,700-44,900/t exw, due to surge in base offers. Also, prices in Durgapur moved up by INR 500/t to INR 45,000-45,300/t exw-Durgapur.
• In heavy structural steel, base price of 150 mm channel is increased by INR 300/t to INR 47,000/t in Raipur with firm trade discount of INR 900-1,200/t. Trade reference price of 200 mm angle is at INR 48,700-49,100/t exw.