Indian DRI, billet and re-bar update – 9 Sep

The Indian induction furnace (IF) route steel market sentiments recovered on active trading on 9 Sept’21, as steel prices of mid-sized mills increased by up to INR 900/t ($12), d-o-d.

As per SteelMint assessment, sponge iron offers surged by INR 50-300/t in most locations, whereas prices dropped slightly by INR 100/t in Hyderabad’s sponge iron market.

Domestic steel billet prices increased by INR 200-900/t in many regions today following with a major hike of around INR 900/t seen in Raipur. Moreover, the IF route re-bar market noticed price volatility in the range of INR 100-900/t throughout the country.

With the price rally in the northern region, especially Punjab, trading across markets improved for semi-finished steel products, SteelMint notes.

Raw material

• Karnataka based BMM Ispat offered raw pellets at INR 11,000/t exw Bellary.
• Jharsuguda based pellet maker sold around 12,000 t raw pellets in Raigarh & local region at INR 11,000/t exw

Semi finished

• Indian IF route billet export offers increased by $5/t to around $560/t exw Durgapur, equivalent to $585-590/t CPT Nepal.
• Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 38,000/t exw.
• Sponge P-DRI (FeM 80%) offers in Raipur up by INR 100/t to INR 29,000-29,300/t & healthy deals reported at INR 28,900-29,100/t on exw & FoR Raipur basis.
• Rourkela based manufacturer, Mahavir Ferro Alloys concluded around 1,000 t deals of billet (150×150) at INR 41,500/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700-28,800/t exw Bellary.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,900/t exw Bellary.

Rebar (12 mm)

• Goel TMT(Fe 500D) is offering at INR 46,400/t exw Raipur (Up by INR 200/t).
• Shrishtii TMT offers reported at INR 45,000/t exw Raigarh. (Up by INR 700/t).
• Rathi Stelmax TMT is offering at INR 46,950/t exw Delhi/NCR (Up by INR 200/t).
• Swarup TMT offers reported at 45,300/t exw Muzaffarnagar.
• Vinayak TMT is offering at INR 47,900/t FoR Ahmedabad (Down by INR 700/t).
• Gajkesari TMT offers reported at INR 46,000/t exw Jalna.
• Brahma TMT is offering at INR 43,500/t exw Durgapur (Up by INR 200/t).
• ARS TMT(Fe 550D) offers reported at INR 50,100/t exw Chennai.

Wire rod and structure

• Mid scale mills wire rod export offers rose by $5/t to around $600-605/t exw Durgapur, equivalent to $630/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rallied by INR 700/t to INR 44,000-44,200/t exw, due to increase in base offers. Also, prices in Durgapur moved up by INR 300/t to INR 44,000-44,200/t exw-Durgapur.
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 43,500/t exw.
• Heavy structural steel, base price of 150 mm channel offers stable at INR 46,200/t in Raipur with firm trade discount of INR 700-1,000/t. Trade reference price of 200 mm angle is at INR 48,100-48,400/t exw.