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

The Indian induction furnace (IF) steel market saw considerable improvement in sentiments on 11 Oct'21, as steel prices of the mid-sized mills surged by up to INR 3,000/t ($40) across the country on a day-on-day basis.

As per SteelMint assessment, semi-finished steel (including sponge iron and billet) prices increased sharply by INR 1,000-2,700/t in all the major markets of the country, with a major hike of INR 2,700/t seen in Mumbai's billet market.

Also, rebar offers rose by INR 700-3,000/t following a sharp increase of INR 3,000/t in central India (Raipur).

Sources stated that prices have increased as the nationwide coal shortage is being felt acutely in the market. Some furnace operators at a few locations in north India are dealing with power cut issues, resulting in an increase in prices of semis and finished longs.

Semi finished

• Steel grade pig iron offers in Durgapur increased to INR 45,900-46,000/t exw, due to further surge in billet & coke prices.
  
  
• Sponge P-DRI offers in Raipur rose by INR 2,000/t to INR 35,400-35,600/t on exw & FoR Raipur basis.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 37,000/t exw Bellary.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 35,800/t FoR Raipur.
  
  

Re-bar (12 mm), Fe 500

• GK TMT(Fe 500D) offers reported at INR 53,500/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 52,300/t exw Raigarh.
  
  
• Swarup TMT offers reported at INR 53,300/t exw Muzaffarnagar.
  
  
• Mono TMT is offering at 54,200/t FoR Ahmedabad(Up by INR 2,900/t).
  
  
• Kalika TMT is offering at INR 52,800/t exw Jalna(Up by INR 1,500/t).
  
  
• SOVA Super Gold is offering at INR 51,800/t exw Durgapur.
  
  
• Jharkhand based Rungta TMT Fe 500 offers reported at INR 50,700/t exw Chaliama.
  
  
• SEL 550D TMT offers reported at INR 52,500/t exw Sambalpur (Up by INR 1,000/t).
  
  
• ARS TMT (Fe 550D) offers stable at INR 57,600/t exw Chennai.
  
  

Click here for re-bar brand wise details

Wire Rod and Structure

• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 53,000/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel is increased by INR 1,500/t to INR 55,000/t in Raipur with firm trade discount of around INR 1,000-1,200/t. Trade reference price of 200 mm angle is at INR 57,100-57,500/t exw.
  
  
• Trade reference wire rod prices in Raipur climbed by INR 2,500/t to INR 53,300-53,500/t exw, due to increased base offers & fall in trade discounts. Prices in Durgapur surged by INR 2,000/t to INR 52,000-52,300/t exw-Durgapur.