Indian DRI, billet and re-bar update – 6 Oct

The Indian induction furnace (IF) steel market witnessed volatility in prices on 6 Oct’21. Steel prices of the mid-sized mills fluctuated in the range of INR 100-500/t across the country, d-o-d.

As per SteelMint assessment, semi finished steel (including sponge iron and billet) prices declined by INR 100-500/t in the major markets. However, prices of IF re-bar fluctuated by INR 100-500/t in many locations.

Spot trades were limited today, hence prices registered minor fluctuations, even fell in few markets today. However, major drop seems limited due to rally coal prices, manufacturers reported to SteelMint.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 12,500/t exw.
• Bellary based sponge manufacturer booked around 5,000 t RB2 coal at INR 18,800/t ex-Mangalore port.

Semi finished

• IF route billet export offers dropped to around $620-625/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
• Steel grade pig iron offers in Durgapur slightly fell to INR 46,000/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur slightly down & deals reported in the range of INR 34,000-34,200/t on exw & FoR Raipur basis.
• 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 36,000/t exw Bellary. However no deals reported from officials.

Re-bar (12 mm)

• Goel TMT(Fe 500D) offers stable at INR 52,600/t exw Raipur.
• Shrishtii TMT offers reported at INR 50,400/t exw Raigarh.
• Rathi Stelmax TMT offers stable at INR 52,750/t exw Delhi/NCR.
• Swarup TMT offers stable at INR 51,000/t exw Muzaffarnagar.
• Vinayak TMT is offering at 52,100/t FoR Ahmedabad(Up by INR 300/t).
• Polaad TMT offers stable at INR 50,800/t exw Jalna.
• ARS TMT(Fe 550D) offers stable at INR 57,600/t exw Chennai.

Wire rod and structure

• Trade reference wire rod prices in Raipur down by INR 500/t to INR 51,200-51,500/t exw, due to increase in trade discounts. Also prices in Durgapur fell by INR 600/t to INR 50,500-51,000/t exw-Durgapur.
• Heavy structural steel, base price of 150 mm channel is increased by INR 500/t to INR 53,000/t in Raipur with firm trade discount of around INR 1,000/t. Trade reference price of 200 mm angle is at INR 54,900-55,300/t exw.
• Bokaro, Jharkhand based a primary mill reported increase in finished steel prices by INR 4,000/t for Oct’21 deliveries with fresh offers of wire rod (SAE 1008) at around INR 54,000-54,500/t ex-plant.