Indian DRI, billet and re-bar update – 30 Aug

Spot trades in the Indian induction furnace (IF) steel market remained subdued on 30 Aug’21. However, the market recovered in the second half of the day. Prices through the mid-sized mills fluctuated in the range of INR 50-500/t, d-o-d.

As per SteelMint assessment, sponge iron markets in the country witnessed a price correction of INR 50-200/t in many regions, whereas a marginal recovery of INR 100/t was seen in Raipur and Rourkela.

Domestic billet offers rose by INR 100-400/t except in the Jalna market where prices dropped by INR 200/t.

Moreover, the IF re-bar market witnessed a downslide in prices in the range of INR 100-500/t in many locations, though offers increased by INR 100-300/t in the northern and central regions.

Raw material

• Karnataka based BMM Ispat offered raw pellets at INR 11,500/t exw Bellary.
• Jharsuguda based pellet maker sold around 5,000 t raw pellets in local region at INR 11,500/t exw.

Semi finished

• Neo Metaliks in Durgapur has offered steel grade pig iron at INR 38,300/t exw.
• Sponge P-DRI offers in Raipur up by INR 100/t to INR 29,500/t & deals reported at INR 29,300-29,500/t on exw & FoR Raipur basis.
• Jharkhand based manufacturer concluded 1,100 t billet deals at INR 41,700/t exw Ramgarh.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,500/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,200/t exw Bellary & around 1,700 t deals reported in nearby region.

Re-bar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 46,800/t exw Raipur.
• StelMax TMT offers reported at INR 47,000/t exw Delhi/NCR.
• Kalika TMT offers stable at INR 48,600/t exw Jalna.
• Century TMT offers reported at INR 46,200/t exw Muzaffarnagar.
• Metalics 550D TMT offers reported at INR 45,200/t exw Sambalpur.
• Shrishtii TMT offers reported at INR 44,700/t exw Raigarh.

Wire rod and structure

• Mid scale mills wire rod export offers reported at $600-605/t exw Durgapur, equivalent to $630/t CPT Nepal, via road delivery.
• Trade reference wire rod prices stable in both Raipur & Durgapur at around INR 44,000/t exw. Demand slightly improved today and trade discounts also narrowed down by INR 100-200/t in Raipur.