Indian DRI, billet and re-bar update – 4 Oct

The Indian induction furnace (IF) steel market remained supported on 4 Oct’21 and steel prices of the mid-sized mills increased by upto INR 1,700/t ($23), d-o-d.

As per SteelMint assessment, sponge iron offers increased by INR 200-1,400/t in the major markets, with a major hike of INR 1,300-1,400/t observed in South region.

Domestic billet offers moved up to INR 1,700/t & re-bar offers increased up to INR 2,000/t across locations.

Semi finished

• Sponge P-DRI offers in Raipur increased further & healthy deals reported at INR 34,000-34,200/t exw & FoR.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 34,000/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 35,000/t exw Bellary.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 35,500/t exw Bellary. Later on manufacturer holding sales to maintain margins and supply-demand chain.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 50,400/t exw Raigarh.
• Goel TMT(Fe 500D) is offering at INR 52,600/t exw Raipur(Up by INR 700/t).
• Vinayak TMT offers reported at INR 51,300/t exw Jalna.
• Polaad TMT offers stable at 50,800/t FoR Ahmedabad.
• ARS TMT(Fe 550D) offers reported at INR 56,100/t exw Chennai.

Wire rod and structure

• Heavy structural steel, base price of 150 mm channel is increased by INR 500/t to INR 52,500/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 54,500-55,000/t exw.
• Trade reference wire rod prices in Raipur surged by INR 200/t to INR 51,700-52,000/t exw due to increase in base offers. Also, prices in Durgapur rose by INR 800/t to INR 51,000-51,500/t exw.