Indian DRI, billet and rebar update – 24 Mar

Spot steel trades remained dull in the secondary market and the prices have continued to fall upto INR 700/t ($10), d-o-d basis.

As per SteelMint’s assessment, the domestic sponge iron and billet offers have fallen by INR 100-700/t in most of the regions.

In addition to this, the rebar market has also observed a fall in prices by INR 100-400/t with a major drop of INR 500/t seen in Delhi & Hyderabad.

Further, industry participants are expecting trade activities to remain limited on account of festive mood as logistic disturbances may remain concern for interstate deliveries in coming days.

Raw Material

• Karnataka based BMM Ispat offered raw pellets at INR 10,900/t exw Bellary (Down by INR 100/t).

Semi Finished

• Induction grade billet export offers plunged by $5-10/t to $538-540/t exw Durgapur, equivalent to $565-570/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have lower offers by INR 200-300/t to INR 27,000/t exw & deals reported through the participants.
• Neo Metaliks in Durgapur has reported steel grade pig iron deals at around INR 35,500-35,600/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 27,100/t FoR Raipur.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,600/t exw Bellary. However no major deals reported from officials.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 24,800/t exw Bellary & around 2,000 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT is offering at INR 45,400/t exw Raipur (Down by INR 300/t).
• BS TMX offers reported at INR 42,600/t exw Raigarh.
• Metalics 550D TMT is offering at INR 44,300/t exw Sambalpur (Down by INR 500/t).
• Rathi Stelmax TMT is offering at INR 44,800/t exw Delhi/NCR (Down by INR 600/t).
• Swarup TMT offers reported at INR 42,900/t exw Muzaffarnagar (Down by INR 400/t).
• Mono TMT offers reported at INR 46,400/t FoR Ahmedabad (Down by INR 500/t).
• Rajuri TMT is offering at INR 47,500/t exw Jalna.

Wire Rod and Structure

• Mid scale mills wire rod export offers fall by $5-7/t to around $590/t exw Durgapur, equivalent to $615-520/t CPT Nepal.
• Trade discount in Raipur wire rod assessed at INR 1,000-1,200/t & base offers drop by INR 500/t to INR 42,600/t exw. Also, prices in Durgapur down by INR 300/t to INR 42,500-42,700/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 43,000/t, and given trade discount by INR 1,000-1,300/t, current trade reference price of 200 mm angle is at INR 44,600-45,000/t exw.

Reference prices as on 24th Mar’21