Indian DRI, billet and rebar update – 28 Jul

Spot trading activity in the Indian secondary steel market remained active on 28 Jul’21 as prices increased by up to INR 500/t ($7) d-o-d.

As per SteelMint assessment, Indian semi-finished steel (sponge iron and billet) prices surged by INR 100-500/t across markets in the country. However, Bellary’s sponge iron market witnessed a slight correction in prices by INR 100/t.

The induction furnace route rebar market, too, recorded a hike and prices moved up by around INR 100-300/t in all the major locations.

Raw material

• A Chandrapur (Maharashtra) based sponge iron manufacturer booked raw pellet from Central India at INR 14,200/t exw Bhilai .
• Karnataka based BMM Ispat sold around 5,000 t pellets in nearby market at INR 13,000/t exw Bellary a day before.

Semi finished

• Induction grade billet export deals reported at around $570/t exw Durgapur (equivalent to $595-600/t CPT Nepal), via road delivery.
• Sponge P-DRI prices in Raipur rose by INR 300/t & deals reported at INR 29,800-30,100/t on exw & FoR basis.
• Durgapur based Neo Metaliks has kept steel grade pig iron offers stable at INR 38,500/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 29,800/t FoR Raipur.
• Odisha based sponge supplier sold around 1,000 t FeM 80 C-DRI mix material at around INR 32,200/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,100/t exw Bellary.

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 47,400/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,500/t exw Raigarh (Up by INR 300/t).
• Century TMT offers unaltered at INR 45,800/t exw Muzaffarnagar.
• Mono TMT offers stable at INR 49,200/t FoR Ahmedabad.
• Polaad TMT is offering at INR 47,900/t exw Jalna (Up by INR 200/t).
• SMS Durgapur TMT offers reported at INR 44,800/t exw Durgapur.
• ARS TMT(Fe 550D) offer stable at INR 51,100/t exw Chennai.

Wire rod and structure

• Mid scale mills wire rod export offers stood at $615-620/t exw Durgapur, equivalent to $645/t CPT Nepal, via road delivery.
• Jharsuguda, Odisha based wire rod supplier concluded around 1,000 t deals at INR 45,500/t exw.
• Trade reference wire rod prices in Raipur lifted by INR 100/t to INR 45,800-46,000/t exw, due to fall in trade discounts. However, assessment prices in Durgapur are stable at INR 45,700-46,000/t exw.
• Heavy structural steel, base price of 150 mm channel increased by INR 100/t to INR 46,800/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 48,600-49,000/t exw.

Reference prices as on 28th Jul’21