Indian DRI, billet and re-bar update - 1 Sep

Indian induction furnace (IF) route steel market witnessed optimistic trends on 1 Sept'21 as the overall midsize mill steel prices rose by up to INR 600/t ($8), d-o-d.

As per SteelMint assessment, sponge iron markets in the country noticed a hike in prices by around INR 100-400/t following a major increase of INR 400/t seen in Durgapur. Also, domestic billet offers moved up by INR 50-500/t across the country.

Moreover, IF route re-bar offers increased by INR 100-600/t. However, Mumbai's re-bar prices declined slightly by INR 300/t.

With a constant surge in prices, demand slowdown was observed in major locations as buyers seemed cautious in procuring material at significantly higher prices in view of the sluggish trends globally.

Raw material

• Jharsuguda based pellet maker sold around 6,000 t raw pellets in local region at INR 11,400/t exw.
  
  
• Bellary based sponge manufacturer booked around 10,000 t RB2 coal at INR 9,800/t ex- Krishnapatnam port.
  
  

Semi finished

• Indian IF route billet export offers further surge to around $575/t exw Durgapur, equivalent to $600-605/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 300/t to INR 38,000/t exw.
  
  
• Sponge P-DRI offers in Raipur up by INR 200/t to INR 30,000-30,100/t & deals reported at INR 29,700-30,000/t on exw & FoR Raipur basis.
  
  
• West Bengal based sponge manufacturer concluded 600 t P-DRI deal at INR 29,300-29,400/t on FoR Durgapur basis for near by region.
  
  
• Jharkhand based manufacturers sold around 2,500 t billet (100×100 mm) at INR 42,000-42,300/t exw Ramgarh.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,100/t exw Bellary (Up by INR 100/t).
  
  

Re-bar (12 mm)

• GOEL TMT (Fe 500D) is offering at INR 47,200/t exw Raipur (Up by INR 300/t).
  
  
• Shrishtii TMT offers reported at INR 45,300/t exw Raigarh (Up by INR 600/t).
  
  
• Rathi Stelmax TMT is offering at INR 48,000/t exw Delhi/NCR (Up by INR 200/t).
  
  
• Century TMT offeres reported at INR 46,700/t exw Muzaffarnagar (Up by INR 300/t).
  
  
• Mono TMT is offering at INR 50,100/t FoR Ahmedabad (Up by INR 300/t).
  
  
• Roopam TMT offers stable at INR 48,300/t exw Jalna.
  
  
• Sova Super TMT is offering at INR 44,100/t exw Durgapur (Up by INR 400/t).
  
  
• Jharkhand based Rungta TMT Fe 500 offers reported at INR 44,350/t exw Chaliama.
  
  
• Metalics 550D TMT offers reported at INR 45,600/t exw Sambalpur (Up by INR 400/t).
  
  
• A One Gold, a prime grade TMT offers reported at INR 48,700/t exw Bellary.
  
  
• ARS TMT(Fe 550D) offers reported at INR 50,100/t exw Chennai.
  
  

Wire rod and structure

• Mid scale mills wire rod export offer rose by $5/t to $610-615/t exw Durgapur, equivalent to $640/t CPT Nepal, via road delivery.
  
  
• Jharsuguda, Odisha based steel manufacturer concluded around 2,000 t 5.5 mm wire rod deals at $714/t CIF Myanmar.
  
  
• Trade reference wire rod prices in Raipur increased by INR 700/t to INR 45,000-45,200/t exw due to surge in base offers. Also, prices rallied by INR 800/t to INR 44,800-45,000/t exw-Durgapur.
  
  
• Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 44,500/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel increased by INR 300/t to INR 46,800/t in Raipur with firm trade discount of INR 800-1,000/t. Trade reference price of 200 mm angle is at INR 48,700-49,100/t exw.