Indian DRI, billet and rebar update – 28 Jun

Spot trading activity in the Indian secondary steel market continued to fluctuate on 28 Jun’21 and prices kept oscillating in the range of INR 100-600/t day-on-day.

According to SteelMint assessment, semi-finished steel (sponge iron and billet) offers dropped by INR 100-600/t with a major decline of INR 600/t observed in India’s southern region. However, a significant hike in the range of INR 100-300/t witnessed in the eastern and central regions.

In addition, induction furnace grade rebar prices decreased by INR 100-400/t across markets in the country. Markets in south India (Bangalore) witnessed a major fall in rebar prices to the tune of INR 400/t, as per SteelMint reports.

Semi Finished

• Induction grade billet export offers up by $5/t to $555/t exw Durgapur, equivalent to $580-585/t CPT Nepal, via road delivery.
• Neo Metaliks in Durgapur has kept steel grade pig iron offers firm at INR 38,000/t exw.
• Sponge P-DRI offers in Raipur stable at INR 29,800-30,000/t, however a few bids reported at around INR 29,700-29,800/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,600/t exw Bellary. However no deals reported from officials.
• Jsw Ispat Special Products Limited concluded deals of 400 t P-DRI at INR 29,600/t exw Raipur.
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,300/t exw Bellary (Down by INR 200/t).

Rebar (12 mm)

• BS TMX offers reported at INR 44,000/t exw Raigarh.
• Rathi Stelmax TMT offers reported at INR 47,500/t exw Delhi/NCR (Down by INR 250/t).
• Swarup TMT is offering at INR 46,000/t exw Muzaffarnagar.
• CPC THERMEX TMT offers reported at 44,300/t exw Durgapur.
• Mono TMT is offering at INR 47,500/t FoR Ahmedabad (Down by INR 300/t).
• Polaad TMT offers unchanged at INR 47,000/t exw Jalna.

Wire rod and structure

• Mid scale mills wire rod export offers stood at around $590/t exw Durgapur, equivalent to $615-620/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur increased by INR 400/t to INR 44,800-45,000/t exw, due to fall in trade discounts. However, prices in Durgapur remain stable at INR 43,700-44,000/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 45,800/t, and given trade discount by INR 600-900/t, trade reference price of 200 mm angle is at INR 47,900-48,200/t exw.

Reference prices as on 28th June’21