Indian DRI, billet and rebar update – 29 Jul

The Indian secondary steel market witnessed further rise in prices on 29 Jul’21 by up to INR 800/t ($11) d-o-d. Despite significant surge in prices, trade volumes shrunk slightly today.

As per SteelMint assessment, Indian semi-finished steel (sponge iron and billet) prices surged by INR 100-800/t in all the major locations, with a sharp hike of INR 700-800/t recorded in Rourkela and Raigarh.

The induction furnace route rebar market, too, witnessed a hike in offers and prices moved up by around INR 100-700/t across the country.

Raw material

• Karnataka based BMM Ispat sold around 4,000 t pellets in nearby market at INR 12,800/t exw Bellary.

Semi finished

• Induction grade billet export offers increased to around $577-580/t exw Durgapur (equivalent to $605/t CPT Nepal), via road delivery. Meanwhile, about 1,000 t deals were reported at around $575-577/t exw.
• Indian sponge iron export offers increased to around $465/t CPT Benapole, equivalent to $485/t CFR Chittagong, Bangladesh.
• Sponge P-DRI prices in Raipur increased by INR 300/t & deals reported at INR 30,200-30,400/t on exw & FoR basis.
• Jharkhand based manufacturer concluded around 1,200 t billet deals at INR 43,300/t exw Ramgarh.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 29,600/t exw.
• Odisha based manufacturer, Ganesh Metaliks offered billet at INR 42,500/t exw.

Rebar (12 mm)

• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh (Up by INR 300/t).
• Rathi Stelmax TMT is offering at INR 48,250/t exw Delhi/NCR (Up by INR 550).
• Swarup TMT offers reported at INR 46,700/t exw Muzaffarnagar (Up by INR 700).
• Mono TMT is offering at INR 49,500/t FoR Ahmedabad (Up by INR 300/t).
• Polaad TMT is offering at INR 48,500/t exw Jalna (Up by INR 500/t).
• Brahma TMT is offering at 45,200/t exw Durgapur (Up by INR 600).
• Metalics 550D TMT offers reported at INR 46,700/t exw Sambalpur (Up by INR 700/t).
• 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 $620-625/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
• Trade reference wire rod prices in Raipur rose by INR 500/t to INR 46,200-46,400/t exw, due to surge in base offers. Also, assessment prices in Durgapur gained by INR 400/t to INR 46,000-46,500/t exw.
• Heavy structural steel, base price of 150 mm channel increased by INR 400/t to INR 47,200/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 49,200-49,500/t exw.

Reference prices as on 29th Jul’21