Indian DRI, billet and rebar update – 19 Jul

The Indian secondary steel market was upbeat on 19 Jul’21, with prices moving up in major locations by up to INR 700/tonne (t) ($9), d-o-d.

As per SteelMint assessment, Indian sponge iron offers moved up by INR 100-600/t across regions, with major hike of INR 600/t seen in Jharkhand’s Ramgarh market. Domestic billet prices inched up by INR 100-700/t across the country.

Moreover, induction furnace grade rebar prices increased up by INR 100-600/t. The Rourkela and Hyderabad markets, however, witnessed a downfall in offers by INR 100-500/t.

Sources are expecting semi-finished steel prices to remain supported, or change slightly, as production curbs are affecting spot supply which, in turn, could provide support to prices with renewed buying.

Raw material

• Jharsuguda based pellet maker sold around 10,850 t raw pellets to local region at INR 14,500/t exw

Semi finished

• Sponge P-DRI prices in Raipur fell by INR 100/t & deals reported at INR 29,100-29,300/t on exw & FoR basis.
• Induction grade billet export offers increased by $5/t to $555-560/t exw Durgapur (equivalent to $585/t CPT Nepal), via road delivery.
• Durgapur based Neo Metaliks has raised steel grade pig iron offers by INR 300/t to INR 37,500/t exw & deals reported by officials.
• Jharsuguda, Odisha based sponge supplier sold around 2,200 t FeM 80 P-DRI at around INR 28,400-28,500/t exw.
• BIOP Steels in South India has concluded 500 t FeM 80 C-DRI lumps deal at INR 29,500/t exw Bellary

Rebar (12 mm)

• GK TMT (Fe 500D) is offering at INR 46,600/t exw Raipur (Up by INR 200/t).
• Shrishtii TMT offers reported at INR 43,700/t exw Raigarh (Up by INR 500/t).
• Rathi Stelmax TMT offers stable at INR 46,750/t exw Delhi/NCR.
• Swarup TMT is offering at 45,700 exw Muzaffarnagar.
• Diamond TMT offers reported at INR 48,400/t FoR Ahmedabad.
• Gajkesari TMT kept offers unaltered at INR 46,600/t exw Jalna.
• Metalics 550D TMT offers reported at INR 45,500/t exw Sambalpur.
• ARS TMT(Fe 550D) offer reported at INR 51,100/t exw Chennai.

Wire rod and strucutre

• Mid scale mills wire rod export offers hovering $600/t exw Durgapur, equivalent to $625-630/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur up by INR 300/t to INR 45,700-46,000/t exw, on increase in base price as well drop in trade discounts. Also, assessment prices in Durgapur surged by INR 500/t to INR 44,800-45,000/t exw.
• Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 45,000/t exw.
• Heavy structural steel, base price of 150 mm channel stable at INR 45,800/t in Raipur with firm trade discount at INR 500-800/t. Trade reference price of 200 mm angle is at INR 47,900-48,300/t exw.

Reference prices as on 19th Jul’21