Indian DRI, billet and rebar update – 26 Mar

Spot trades in Indian secondary steel market have noticed an upward trend today and prices have shot up to INR 1,100/t ($15), d-o-d basis.

According to SteelMint’s assessment, the domestic sponge iron and billet prices have increased by INR 100-1,100/t in all the markets, having a major boost of INR 1,000-1,100/t in Central and Western regions. In line with this, the rebar market has also observed a gain of INR 200-900/t nationwide.

The prices have rallied on renewed buying in the spot market, which was expected to take place after festive holidays, hence with healthy inquiries as well concluded deals, the manufacturers have raised their offers significantly.

Semi Finished

• Induction grade billet export offers surged by $8-10/t to $543-545/t exw Durgapur, equivalent to $570-575/t CPT Nepal.
• Raipur based sponge P-DRI manufacturers have raised offers by INR 400-500/t to INR 27,400-27,500/t exw & sufficient trades reported.
• Neo Metaliks in Durgapur has kept steel grade pig iron offers firm at INR 35,500/t exw.
• Raigarh based Singhal Steel offered P-DRI at INR 26,700/t & Billet at INR 38,600/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 27,300/t FoR Raipur.
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 38,500/t exw (Up by INR 500/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 25,700/t exw Bellary (Up by INR 200/t).
• Hare Krishna concluded deals of FeM 79-80 C-DRI lumps in local region at INR 25,500/t exw Bellary.

Rebar (12 mm)

• GK TMT is offering at INR 46,000/t exw Raipur (Up by INR 600/t).
• Shrishtii TMT offers reported at INR 43,700/t exw Raigarh (Up by INR 400/t).
• Swarup TMT is offering at INR 43,500/t (Up by INR 700/t).
• Metalics 550D TMT offers reported at INR 45,000/t exw Sambalpur (Up by INR 700/t).
• Mono TMT offers unchanged at INR 46,200/t FoR Ahmedabad.
• Polaad TMT is offering at INR 46,800/t exw Jalna (Up by INR 300/t).

Wire Rod and Structure

• Mid scale mills wire rod export offers increased by $15/t to around $595/t exw Durgapur, equivalent to $620-625/t CPT Nepal.
• Trade discount in Raipur wire rod stood at INR 500-700/t & base price up by INR 900/t to INR 43,500/t exw. Also, prices in Durgapur went up by INR 600/t to INR 42,600-42,800/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 43,000/t, and maintained trade discount at INR 700-1,000/t, current trade reference price of 200 mm angle is at INR 45,000-45,300/t exw.

Reference prices as on 26th Mar’21