Indian DRI, billet and rebar update – 7 May

Spot trades in the Indian secondary steel market have improved slightly with a marginal increase in price by up to INR 700/t ($10) d-o-d basis.

As per the assessment, domestic semi-finished (including billet & sponge iron) offers have risen by INR 100-500/t in major markets, whereas, prices have slightly dropped by INR 100-300/t in East, West & Southern regions.

Also, rebar prices have registered a marginal hike of around INR 100-500/t, except Ahmedabad where offers have fallen by INR 200/t.

Industry sources believe, semis prices likely to remain strong on account of high-cost raw materials as well as subdued demand along with low capacity utilization.

Semi Finished

• Induction grade billet export offers increased by $5-10/t to $585-590/t exw Durgapur, equivalent to $615/t CPT Nepal, however no major deals.
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm at INR 38,100-38,200/t exw.
• Sponge P-DRI offers unaltered in Raipur at INR 29,000-29,100/t exw, however deals reported at INR 28,900-29,000/t on exw & FoR Raipur basis.
• Ind Synergy (Raigarh) offered P-DRI at INR 28,400/t & billet at INR 42,000/t exw.
• Jharsuguda, Odisha based sponge supplier sold 300 – 400 t FeM 80 P-DRI at around INR 28,900-29,000/t FoR Raipur.
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700/t exw Bellary & around 1,000 t deals reported in nearby region.

Rebar (12 mm)

• GK TMT is offering at INR 48,700/t exw Raipur (Down by INR 300/t).
• Metalics 550D TMT offers reported at INR 48,000/t exw Sambalpur.
• Shrishtii TMT offers reported at INR 46,300/t exw Raigarh (Up by INR 100/t).
• Swarup TMT kept offers stable INR 48,800/t exw Muzaffarnagr.
• Vinayak TMT is offering at INR 49,900/t FoR Ahmedabad (Down by INR 500/t).
• Kalika TMT offers unchanged at INR 50,400/t exw Jalna.
• ARS TMT(Fe 550 D) offers stable at INR 54,800/t exw Chennai.

Wire Rod and Structure

• Mid scale mills wire rod export offers up by $5-10/to $655-660/t exw Durgapur, equivalent to $675-680/t CPT Nepal.
• Trade discounts in Raipur wire rod slightly drop to INR 1,400-1,600/t, following which trade reference price up by INR 100/t to INR 45,600-45,800/t exw. Also prices in Durgapur surge by INR 500/t to INR 47,600-47,800/t exw Durgapur.
• Raipur based heavy structure steel manufacturers, kept stable the base price of 150 mm channel at INR 47,500/t, and maintained trade discount at INR 1,200-1,500/t, current trade reference price of 200 mm angle is at INR 49,100-49,400/t exw.

Reference prices as on 7th May’21