Indian DRI, billet and re-bar update - 10 Dec

The induction furnace (IF) steel market turned slow due to weak demand in today's trading session. Steel prices of the mid-sized mills corrected by up to INR 700/tonne (t) ($9/t), d-o-d.

Indian semi-finished steel (including sponge iron and billet) offers declined by INR 100-500/t across the country, however prices raised by INR 200-400/t in Chennai and Raipur's market.

Moreover, re-bar offers fluctuated by INR 100-700/t in many regions, with a sharp fall of INR 700/t seen in Raigarh (central India). However, the market remained supported in the western and southern regions.

Following a price correction in northern India, Punjab, trades across different regions were affected, SteelMint notes.

Raw material

• Karnataka based BMM Ispat sold around 3,000 t pellets in nearby market at INR 9,900-10,000/t exw Bellary.
  
  
• Jharsuguda based pellet maker offered raw pellets at INR 9,500/t exw
  
  

Semi finished

• Induction grade billet export offers reduced by $10 to around $540-545/t exw Durgapur, equivalent to $565-570/t CPT Nepal.
  
  
• Raipur sponge P-DRI deals reported at around INR 27,400-27,700/t on exw & DAP basis. However, DR CLO grade sponge iron shortage remains in the spot market due to limited suppliers and a few plants charging premium of around INR 5,000/t compared to P-DRI.
  
  
• Neo Metaliks in Durgapur has increased steel grade pig iron offers by INR 400/t to INR 38,200/t exw.
  
  
• West Bengal based manufacturer concluded around 1,000 t of billet at INR 41,300-41,500/t on DAP Durgapur basis.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 26,500/t exw Jharsuguda.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,700-27,800/t exw Bellary.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers remained stable at $595-600/t exw Durgapur, equivalent to $620-625/t CPT Nepal.
  
  
• In Heavy structural steel, base price of 150 mm channel is inclined by INR 500/t to INR 49,500/t in Raipur with firm trade discount of around INR 2,000/t. Trade reference price of 200 mm angle is at INR 50,600-51,000/t exw.
  
  

Click here for re-bar brand wise details