Indian DRI, billet and re-bar update - 11 Nov

The Indian induction furnace (IF) steel market witnessed dull sentiments on 11 Nov'21 as steel prices of mid-sized mills dropped by up to INR 700/tonne (t) ($9) on a day-to-day basis.

Semi-finished steel (including sponge iron and billet) offers fell by INR 150-650/t in most regions across the country. However, a major decline in prices to the tune of INR 650/t was observed in Ramgarh, Jharkhand.

In addition, rebar (Fe 500 grade) prices declined by INR 200-700/t in major markets, following the sharpest correction of INR 700/t in Durgapur.

Demand continues to remain weak and hence suppliers are aggressively pushing to conclude deals, which is resulting in prices falling fast, SteelMint notes.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 11,500/t exw.
  
  

Semi finished

• Induction grade billet export offers fall to around $580/t exw Durgapur, equivalent to $605/t CPT Nepal.
  
  
• Raipur sponge P-DRI offers reported INR 30,700-31,000/t exw, however a few bids reported at around INR 30,000-30,200/t on exw & FoR basis.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 43,000/t exw, although no buying due to fall in billet offers, as per officials.
  
  
• About 1,700 t of IF route billet deals were confirmed at INR 43,600-43,700/t exw by Ramgarh, Jharkhand-based manufacturers, to nearby regions. Also, around 1,000 t sponge P-DRI deals were reported at INR 29,800-30,000/t & about 700 t C-DRI (60% lumps & 40% fines) trade at INR 32,300-32,400/t exw Ramgarh.
  
  
• West Bengal based mill sold around 500 t sponge P-DRI at INR 29,800-29,900/t on For Durgapur basis.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,500-30,600/t FoR Raipur.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 32,300/t exw Bellary.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers stood at $630-635/t exw Durgapur, equivalent to $655-660/t CPT Nepal.
  
  
• Trade reference wire rod prices in Raipur fell by INR 500/t to INR 46,500-47,000/t exw, due to plunged base offers.
  
  
• Durgapur based producer concluded around 600 t of wire rod deal at INR 46,600-46,800/t exw.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 46,000/t exw.
  
  
• In Heavy structural steel, base price of 150 mm channel remain stable to INR 51,500/t in Raipur with firm trade discount of INR 1,300-1,500/t. Trade reference price of 200 mm angle is at INR 53,100-53,500/t exw.
  
  

Click here for re-bar brand wise details