Indian DRI, billet and rebar update – 30 Apr

Spot trades in Indian secondary steel market remained moderate and the prices have fluctuated by INR 100-300/t (upto $4) d-o-d basis.

As per the assessment, domestic sponge market (including sponge iron & billet) market has noticed a slight drop in prices by INR 100-200/t, whereas, a hike of INR 100-200/t was seen in billet across major locations.

In context finished steel, rebar offers surged by INR 100-300/t in many regions except Central, Western & Eastern regions where prices have marginally fallen by INR 100-200/t.

The industry sources are expecting prices to find support once lockdown restriction are lifted in a few states. In addition, expected hike in prices through the primary mills has made sentiments optimistic in the secondary market.

Semi Finished

• Induction grade billet export offers hovering at $570/t exw Durgapur, equivalent to $595-600/t CPT Nepal. However, demand remains weak, as per participants.
• Sponge P-DRI offers roll-over in Raipur at INR 28,800-900/t, however trades reported at INR 28,700-28,800/t on exw & FoR basis.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 38,300/t exw.
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 28,900/t FoR Raipur.
• Ind Synergy (Raigarh) offered P-DRI at INR 28,200/t & billet at INR 41,200/t exw.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,000/t exw Bellary (Down by INR 200/t).
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,100-29,200/t exw Bellary (Down by INR 100-200/t).

Rebar (12 mm)

• GK TMT kept offers stable at INR 48,000/t exw Raipur.
• Metalics 550D TMT offers reported at INR 47,300/t exw Sambalpur.
• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh.
• Swarup TMT offers unchanged at INR 48,000/t exw Muzaffarnagar.
• Rathi Stelmax TMT offers unchanged at INR 49,750/t exw Delhi/NCR.
• Mono TMT offers stable at INR 49,500/t FoR Ahmedabad.
• Kalika TMT offers unchanged at INR 50,200/t exw Jalna.
• ARS TMT(Fe 550 D) offers reported at INR 55,000/t exw Chennai.

Wire Rod and Structure

• Mid scale mills wire rod export offers remain unchanged at $625/t exw Durgapur, equivalent to $650-655/t CPT Nepal.
• Trade discounts in Raipur wire rod stable at INR 1,100-1,300/t, following which trade reference price unchanged at INR 44,700-44,800/t exw. Also, prices in Durgapur stable at INR 46,000-46,200/t exw.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 47,200/t, and maintained trade discount at INR 1,400-1,700/t, current trade reference price of 200 mm angle is at INR 48,500-48,900/t exw.

Reference prices as on 30th Apr’21