Indian DRI, billet and re-bar update – 29 Oct

The Indian induction furnace (IF) steel market remained largely supported on 29 Oct’21, as per SteelMint assessment.

Steel prices of the mid-sized mills increased by up to INR 700/tonne (t) ($9) on a day-to-day basis.

Semi-finished steel (including sponge iron and billet) offers were seen moving up by INR 50-700/t in most of the major markets. However, a slight fall or INR 50-100/t was observed in Durgapur, Mumbai, Hyderabad and Bellary.

In addition, rebar (Fe 500 grade) offers  moved up by INR 100-600/t across regions, although prices dropped by INR 100-300/t in the western and southern regions of the country

Semi finished

• Indian IF route billet export offers hover at $620/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
• Raipur sponge P-DRI offers increased by INR 400/t to INR 33,300-33,500/t, however deals reported at INR 33,000-33,200/t exw & FoR basis.
• Steel grade Pig iron offers through the Neo Metaliks drop by INR 300/t to INR 45,000/t exw Durgapur.
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 32,500/t exw Jharsuguda.

Wire rod and structure

• Mid scale mills wire rod export offers stood at $670-675/t exw Durgapur, equivalent to $695-700/t CPT Nepal.
• Raipur trade reference wire rod prices rose by INR 700/t to INR 50,500-50,500/t exw, due to increase in base offers. Also, prices in Durgapur went up by INR 200/t to INR 50,000-50,200/t exw Durgapur.
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 49,500/t exw.
• In Heavy structural steel, base price of 150 mm channel is increased by INR 200/t to INR 53,000/t in Raipur with firm trade discount of INR 700-1,000/t. Trade reference price of 200 mm angle is at INR 54,800-55,200/t exw.

Click here for re-bar brand wise details