Indian DRI, billet and rebar update – 2 Jul

The Indian secondary steel market continued to remain dull on 2 Jul’21 and prices declined by up to INR 300/t ($4) d-o-d.

As per SteelMint assessment, semi-finished steel (sponge iron and billet) prices fell by INR 100-300/t across many locations throughout the country. However, offers moved up by INR 100/t in the eastern, central and southern regions.

In addition, induction furnace grade rebar prices dropped by INR 100-300/t in most markets today.

Raw material

• Jsw Ispat Special Products Limited concluded few deals of 60-14 silico manganese for Odisha at INR 98,500/t exw Raipur- Officials.

Semi finished

• Induction grade billet export offers drop to around $535/t exw Durgapur, equivalent to $560-565/t CPT Nepal, via road delivery.
• Sponge P-DRI prices in Raipur fell by INR 100/t & deals reported at around INR 29,000-29,100/t on exw & FoR basis.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,300/t FoR Raipur. (Down by INR 200/t).
• Jharkhand based billet manufacturer concluded deals of 1000 t billet at INR 40,500/t exw Ramgarh.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,100-27,200/t exw Bellary & around 2,000 t deals reported in nearby region.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,900/t exw Bellary.

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 46,000/t exw Raipur.
• BS TMX offers reported at INR 43,200/t exw Raigarh (Down by INR 100/t).
• Rathi Stelmax TMT kept offers stable at INR 47,150/t exw Delhi/NCR.
• Century TMT offers stable at INR 45,400/t exw Muzaffarnagar.
• CPC Thermex TMT is offering at INR 43,200/t exw Durgapur (Down by INR 200/t).
• Mono TMT offers unchanged at INR 46,900/t FoR Ahmedabad.
• Polaad TMT offers stable at INR 46,000/t exw Jalna.

Wire rod and structure

• Mid scale mills wire rod export offers reported at $585-590/t exw Durgapur, equivalent to $615/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur dropped by INR 100/t to INR 44,500-44,700/t exw, due to increase in trade discounts. However, prices in Durgapur are stable at INR 43,200-43,300/t exw.
• Heavy structural steel, base price of 150 mm channel reduce by INR 500/t to INR 45,000/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 47,300-47,600/t exw.

Reference prices as on 2nd Jul’21