Indian DRI, billet and re-bar update – 19 Nov

The Indian induction furnace (IF) steel market witnessed positive trends in the first half on 19 Nov’21, however the sentiments were dull in the second half as trading activities started lossing strenght. As per SteelMint assessment, steel prices of the mid-sized mills increased by INR 600/tonne (t) ($8), d-o-d.

Semi-finished steel (including sponge iron and billet) offers moved up by INR 50-500/t following a major hike of around INR 500/t in Rourkela and Hyderabad’s billet market.

On the other hand, rebar (Fe 500) prices remained volatile and fluctuated by INR 100-500/t across many regions across the country.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 10,500/t exw (Down by INR 300/t).
• Maharashtra based sponge manufacturers getting RB2 coal offers at INR 10,000/t from Gangavaram port.
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 92,500/t exw.

Semi finished

• Induction grade billet export offers stood at around $570/t exw Durgapur, equivalent to $595/t CPT Nepal.
• Raipur sponge P-DRI offers increased to around INR 29,600-30,000/t exw, however the buying interest remained limited and a few deals reported at INR 29,500-29,600/t on FOR basis.
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 41,500/t exw, however sources claimed material available at INR 41,000-41,500/t exw.
• Jharkhand based manufacturer sold around 800 t low carbon billet at INR 43000/t exw Ramgarh.
• Sellers from Durgapur concluded 600 t billet deals at INR 42,100/t and around 300 t sponge P-DRI sold at 29,200/t DAP.
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,600-29,700/t FoR Raipur.
• Jajpur, Odisha based sponge supplier sold around 1,000 t FeM 80 C-DRI mix material at around INR 31,500/t FoR Raipur.
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge C-DRI (FeM 80) at INR 31,100/t exw.

Wire Rod and structure

• Mid scale mills wire rod export offers stood at around $620-625/t exw Durgapur, equivalent to $645-650/t CPT Nepal.
• Trade reference wire rod prices in Raipur increased by INR 300/t to INR 46,000-46,200/t exw, due to fall trade discounts.
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 45,700/t exw.
• West Bengal situated mill concluded around 500 t of wire rod at INR 45,800/t exw Durgapur.
• In Heavy structural steel, base price of 150 mm channel is stable to INR 50,500/t in Raipur with firm trade discount of INR 1,200-1,400/t. Trade reference price of 200 mm angle is at INR 51,800-52,300/t exw.

Click here for re-bar brand wise details