Indian DRI, billet and re-bar update – 28 Sep

The Indian induction furnace (IF) steel market continued to remain supported on 28 Sep’21 and steel prices of the mid-sized mills increased by upto INR 600/t ($8), d-o-d.

As per SteelMint assessment, sponge iron offers increased by INR 200-600/t across locations, with a major hike of INR 550-600/t observed in Durgapur and Bellary. Similarly, domestic billet offers moved up by INR 200-600/t throughout the country.

Moreover, rebar prices also surged by INR 100-600/t in many regions. However, a major price hike of around INR 500-600/t was seen in the north, central and southern regions.

Sources based in the eastern and western regions reported slight improvement in demand for rebar, while in the central region wire rod demand remained strong today. Hence prices rose amidst optimistic trends, SteelMint notes.

Semi finished

• IF route billet export offers increased by $5 to around $585/t exw Durgapur, equivalent to $610-615/t CPT Nepal, via road delivery.
• Steel grade pig iron offers in Durgapur surged by INR 800/t to INR 43,000-43,500/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur rose by INR 300/t & deals reported at around INR 30,500-30,800/t on exw & FoR Raipur basis.
• Jharsuguda, Odisha based sponge supplier sold around 2,000 t FeM 79 P-DRI at around INR 30,600/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,900/t exw Bellary (Up by INR 500/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,600/t exw Bellary.

Re-bar (12 mm)

• Shrishtii TMT offers reported at INR 46,000/t exw Raigarh (Up by INR 200/t).
• Rathi Stelmax TMT is offering at INR 48,500/t exw Delhi/NCR (Up by INR 750/t).
• Swarup TMT offers reported at INR 46,800/t exw Muzaffarnagar (Up by INR 300/t).
• Polaad TMT offers stable at INR 46,500/t exw Jalna.
• Mono TMT is offering at 46,900/t FoR Ahmedabad(Up by INR 300/t).

Wire rod and structure

• Mid scale mills wire rod export rose to $625-630/t exw Durgapur, equivalent to $655/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur increased by INR 700/t to INR 46,100-46,300/t exw, due to surge in base offers. Also, prices in Durgapur surged by INR 500/t to INR 46,000-46,200/t exw.
• Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 45,700/t exw.
• Heavy structural steel, base price of 150 mm channel is increased by INR 300/t at INR 48,300/t in Raipur with firm trade discount of INR 700-1,000/t. Trade reference price of 200 mm angle is at INR 50,200-50,600/t exw.