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

The Indian induction furnace (IF) route steel market sentiments remain supported on 10 Sept'21. Steel prices of mid-sized mills increased by up to INR 600/t ($8), d-o-d.

As per SteelMint assessment, sponge iron offers surged by INR 100-400/t in major markets. Domestic steel billet prices increased by INR 200-550/t in many locations today, noteworthy being the major hike of around INR 500-550/t in north, west and eastern regions.

Moreover, the IF route re-bar market witnessed a hike in offers in the range of INR 100-600/t. A major increase of INR 600/t was noticed in Muzaffarnagar.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 11,100/t exw (Up by INR 100/t).
  
  

Semi finished

• Indian IF route billet export offers increased by $5/t to around $565/t exw Durgapur, equivalent to $590-595/t CPT Nepal.
  
  
• Sponge P-DRI (FeM 80%) offers in Raipur up by INR 300/t to INR 29,400-29,500/t & a few deals reported at INR 29,300-29,400/t on exw & FoR Raipur basis.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,800/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 200/t)
  
  

Re-bar (12 mm)

• Shrishtii TMT offers reported at INR 45,000/t exw Raigarh.
  
  
• Rathi Stelmax TMT is offering at INR 47,250/t exw Delhi/NCR (Up by INR 300/t).
  
  
• National TMT offers stable at INR 49,100/t FoR Ahmedabad.
  
  
• Polaad TMT offers stable at INR 46,200/t exw Jalna.
  
  
• A One Steel & alloys sold around 1,300 t rebar at INR 48,700-48,800/t exw Bellary
  
  

Wire rod and structure

• Mid scale mills wire rod export rose by $5/t to around $605-610/t exw Durgapur, equivalent to $635/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur rallied by INR 1,000/t to INR 44,800-45,000/t exw, due to increase in base offers & fall in trade discounts. Also, prices in Durgapur moved up by INR 700/t to INR 44,500-44,700/t exw-Durgapur.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 44,000/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel offers increase by INR 500/t to INR 46,700/t in Raipur with firm trade discount of INR 600-900/t. Trade reference price of 200 mm angle is at INR 48,800-49,100/t exw.