Indian DRI, billet and rebar update – 5 Aug

The Indian secondary steel market witnessed a downward trend on 5 Aug’21 and prices declined by up to INR 500/tonne (t) ($7) d-o-d.

As per SteelMint assessment, Indian sponge iron prices fluctuated in the range of INR 100-300/t as even markets like Raigarh saw a sharp fall of INR 300/t in prices. Domestic billet offers dropped by INR 100-500/t across the country.

Induction furnace route re-bar prices increased by INR 100-200/t; however, a slight hike in prices to the tune of around INR 100/t was observed in Bangalore today.

Sources informed that subdued demand has been keeping prices volatile since the few days, not to forget slight supply tightness due to production curbs.

Semi finished

• Induction grade (IF) billet export offers reported at $580-585/t, exw-Durgapur (equivalent to $610/t CPT Nepal).
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/ to INR 39,300/t exw.
• Sponge P-DRI prices in Raipur unaltered, however inquiries were limited on floated offers of INR 31,200-31,300/t exw & FoR Raipur.
• Raigarh based steel manufacturers reported pig iron offers from Odisha at INR 39,300-39,500/t FoR Raigarh.

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 48,300/t exw Raipur.
• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh.
• Rathi Stelmax TMT offers stable at INR 48,250/t exw Delhi/NCR.
• Mono TMT offers stable at INR 50,000/t FoR Ahmedabad.
• Gajkesari TMT offers unchanged at INR 48,500/t exw Jalna.
• ARS TMT(Fe 550D) offer reported at INR 52,100/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 fell by INR 200/t to INR 46,300-46,500/t exw, due to increase in trade discounts. However, assessment prices in Durgapur unchanged at INR 46,000-46,300/t exw.
• Heavy structural steel, base price of 150 mm channel stable at INR 47,800/t in Raipur with firm trade discount of INR 700-1,000/t. Trade reference price of 200 mm angle is at INR 49,700-50,100/t exw.

Reference prices as on 5th Aug’21