Indian DRI, billet and rebar update – 4 June

Indian secondary steel prices have curved up despite modest trade and prices have climbed by up to INR 1,300/t ($18) d-o-d.

The Indian semi-finished steel (sponge iron and billet) market has recorded a rise in prices by INR 100-1,300/t, with a major hike of INR 800-1,300/t witnessed in Mumbai, Durgapur and  Chennai.

In addition, induction furnace grade rebar offers moved up by INR 100-800/t across locations, witnessing a sharp rise of INR 600-800/t in the northern and western regions.

Raw Material

• A Chandrapur (Maharashtra) based sponge iron manufacturer booked around 2,000 t raw pellet from Bellary at INR 15,500/t FoR.

Semi Finished

• Induction grade billet export offers surge by $5/t to around $600/t exw Durgapur, equivalent to $625-630/t CPT Nepal.
• Indian sponge iron (FeM 80%, lumps 100%) export offers rise further by $10/t (d-o-d) to $480/t CPT Benapole, equivalent to $500-505/t CFR Chittagong, Bangladesh, however no fresh deals, as per eastern India based sources.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 40,000/t exw.
• Sponge P-DRI prices in Raipur increased by INR 200/t to INR 31,100-200/t & trades reported as against offers of INR 31,300-400/t on exw & FoR basis.
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 32,000/t exw.
• Jharkhand based Ramgarh Sponge Iron Pvt. Ltd. offered sponge iron C-DRI (60:40) at INR 31,900/t exw Ramgarh.
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 31,200-31,300/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 30,000/t exw Bellary (Up by INR 200/t).

Rebar (12 mm)

• Metalics 550D TMT offers reported at INR 48,700/t exw Sambalpur (Up by INR 700/t).
• Shrishtii TMT offers reported at INR 47,400/t exw Raigarh.
• Rathi Stelmax TMT is offering at INR 50,500/t exw Delhi/NCR (Up by INR 900/t).
• Century TMT is offering at INR 49,100/t exw Muzaffarnagar (Up by INR 500/t).
• Mono TMT is offering at INR 49,700/t FoR Ahmedabad (Up by INR 200/t).
• Kalika TMT is offering at INR 49,000/t exw Jalna (Up by INR 200/t).

Wire Rod and Structure

• Mid scale mills wire rod export offers reported at $650-655/t exw Durgapur, equivalent to $680/t CPT Nepal, via road delivery.
• Trade discounts for wire rod in Raipur increased to INR 500-700/t, following which trade reference price dropped by INR 100/t to INR 47,000-47,200/t exw. However, prices in Durgapur rose by INR 300/t to INR 47,200-47,400/t exw.
• Raipur based heavy structure steel manufacturers, increased the base price of 150 mm channel by INR 300/t to INR 47,300/t and given trade discount by INR 300-500/t. Trade reference prices of 200 mm angle are at INR 49,700-50,000/t exw.

Reference prices as on 4th June’21