Indian DRI, billet and re-bar update – 16 Sep

The Indian induction furnace (IF) route steel market saw dull sentiments on 16 Sep’21 on account of the pre-festive mood in the market. Steel prices of the mid-sized mills dropped by up to INR 500/t ($7), d-o-d.

As per SteelMint assessment, the sponge iron market witnessed volatility and prices fluctuated by INR 50-300/t across locations in the country. However, domestic billet prices fell by INR 100-500/t in the major markets.

Also, IF route re-bar manufacturers across the country decreased offers by INR 100-300/t, except in the Rourkela and Chennai markets where prices moved up in the range of INR 100-400.

Semi finished

• Steel grade pig iron prices remained strong in eastern region and assessed at INR 42,200-42,500/t exw Durgapur, up by INR 200/t, d-o-d, due to supply shortage & higher coke prices, as per suppliers.
• Sponge P-DRI (FeM 80%) offers in Raipur fell by INR 100/t to INR 30,000-30,100/t & a few deals reported at INR 29,800-30,000/t on exw & FoR Raipur basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,900-30,000/t FoR Raipur.
• Southern India based a Primary mill is offering granulated Pig iron at INR 37,500/t exw-plant, Vijaynagar.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,300/t exw Bellary (Up by INR 100/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 31,000/t exw Bellary.

Re-bar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 46,800/t exw Raipur.
• Shrishtii TMT offers reported at INR 44,800/t exw Raigarh (Down by INR 200/t).
• Rathi Stelmax TMT is offering at INR 47,000/t exw Delhi/NCR (Down by INR 250/t).
• Century TMT offers reported at INR 45,700/t exw Muzaffarnagar.
• Gajkesari TMT offers unchanged at INR 46,000/t exw Jalna.
• Mono TMT offers stable at 47,100/t FoR Ahmedabad.
• ARS TMT(Fe 550D) offers reported at INR 51,100/t exw Chennai.

Wire rod and structure

• Mid scale mills wire rod export offers stood at $615-620/t exw Durgapur, equivalent to $645/t CPT Nepal, via road delivery.
• Trade reference wire rod prices remain stable at INR 44,600-44,900/t exw Raipur & INR 45,000-45,300/t exw-Durgapur.
• Heavy structural steel, base price of 150 mm channel offers stable at INR 47,200/t in Raipur with firm trade discount of INR 1,000-1,300/t. Trade reference price of 200 mm angle is at INR 48,800-49,200/t exw.