Indian DRI, billet and re-bar update – 2 Sep

Indian induction furnace (IF) route steel market witnessed subdued trading activity on 2 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 price volatility today, with prices fluctuating by INR 50-200/t. However, domestic billet offers dropped by INR 100-700/t in many regions except Chennai as prices moved up by INR 200/t.

Moreover, IF route re-bar offers decreased by INR 100-300/t in most locations. However, prices increased slightly by INR 100-200/t in Gujarat and Chennai’s re-bar market.

Semi finished

• Indian IF route billet export offers unaltered at around $575/t exw Durgapur, equivalent to $600-605/t CPT Nepal.
• Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 38,000/t exw.
• Sponge P-DRI offers in Raipur unchanged at INR 30,000-30,100/t, however SteelMint’s assessment price rose by INR 100/t to INR 29,900/t exw, in recent deals.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary.
• Jindal Steel is offered steel grade pig iron at INR 38,000/t exw Raigarh.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,100/t exw Bellary

Rebar (12 mm)

• GOEL TMT(Fe 500D) offers stable at INR 47,200/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,000/t exw Raigarh (Down by INR 300/t).
• Rathi Stelmax TMT is offering at INR 47,700/t exw Delhi/NCR (Down by INR 300/t).
• Mono TMT is offering at INR 50,300/t FoR Ahmedabad (Up by INR 300/t).
• Polaad TMT offers stable at INR 48,500/t exw Jalna.
• Metalics 550D TMT offers reported at INR 45,500/t exw Sambalpur (Down by INR 100/t).
• BMM Ispat is offering Fe 500 rebar at INR 44,600/t exw Bellary.

Wire rod and structure

• Mid scale mills wire rod export offer firm at around $610-615/t exw Durgapur, equivalent to $640/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur fell by INR 200/t to INR 44,800-45,000/t exw due to increase in trade discounts. Also, prices plunged by INR 300/t to INR 44,500-44,700/t exw-Durgapur.
• Heavy structural steel, base price of 150 mm channel stable at INR 46,800/t in Raipur with firm trade discount of INR 900-1,200/t. Trade reference price of 200 mm angle is at INR 48,500-48,900/t exw.