Indian DRI, billet and rebar update – 15 Apr

Spot trades in the Indian secondary steel market have remained healthy today and prices have increased by up to INR 1,800/t ($24) d-o-d.

As per SteelMint’s assessment, the Indian semi-finished market (including sponge iron & billet) has noticed a boost in prices by INR 100-1,100/t in all the regions with a major hike of around INR 1,500-1,800/t seen in billet offers at Central & Western part of India.

Also, rebar prices have moved up by INR 100-1,600/t in most of the markets, however a major spike in offers was observed by INR 1,500-1,600/t in Raipur & Jalna.

Semi Finished

• Induction grade billet export offers increased by $10/t to $555/t exw Durgapur, equivalent to $580-585/t CPT Nepal.
• Sponge P-DRI offers in Raipur further surge by INR 400/t to INR 30,800-31,000/t, however deals reported at INR 30,500-30,700/t on exw & FoR basis.
• Jharsuguda, Odisha based sponge supplier sold around 1,200 t FeM 80 P-DRI at around INR 30,700-30,800/t FoR Raipur.
• Jajpur based, Visa Steels concluded deals of around 500 t steel grade pig iron in local region at INR 38,500/t exw & offered FeM 80 sponge C-DRI (mix material) at INR 29,500/t exw.
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 39,500-39,700/t FoR Raigarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,200/t exw Bellary (Up by INR 600/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,000/t exw Bellary (Up by INR 500/t).

Rebar (12 mm)

• Metalics 550D TMT offers reported at INR 47,800/t exw Sambalpur (Up by INR 800/t).
• Rathi Stelmax TMT offers reported at INR 47,800/t exw Delhi/NCR.
• Swarup TMT is offering at 46,300/t exw Muzaffarnagr (Up by INR 600/t).
• Vibrant TMT is offering at INR 48,600/t FoR Ahmedabad (Up by INR 500/t).
• Kalika TMT offers reported at INR 51,000/t exw Jalna.

Wire Rod and Structure

• Mid scale mill wire rod export offers gain by $10/t to $615/t exw Durgapur, equivalent to $640-645/t CPT Nepal.
• Trade discounts in Raipur stable at around INR 500/t, however base offers surged by INR 1,000/t to INR 47,200/t exw. Also, trade reference prices in Durgapur increased by INR 500/t to INR 45,800-46,000/t exw.
• Raipur based heavy structure steel manufacturers, increase the base price of 150 mm channel by INR 900/t to INR 46,400/t, and given trade discount at INR 1,000-1,400/t, current trade reference price of 200 mm angle is at INR 48,200-48,600/t exw

Reference prices as on 15th Apr’21