Indian DRI, billet and re-bar update - 14 Dec

The Indian induction furnace (IF) steel market remained volatile throughout the day on 14 Dec'21. Steel prices of the mid-sized mills fluctuated by INR 100-800/tonne (t), d-o-d.

Sponge iron offers rose in the range of INR 200-600/t across different locations. However, billet offers fluctuated by INR 100-500/t in today's trade.

Also, the rebar (Fe 500) market witnessed volatility, as prices varied in the range of INR 100-800/t across markets in the country.

Demand remained subdued in the spot market amidst lack of confidence among market participants as to whether the prevailing offers would sustain, SteelMint notes.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 9,700/t exw
  
  

Semi finished

• Induction grade billet export offers hovering at $565/t exw Durgapur, equivalent to $590/t CPT Nepal, however demand remains poor, as per participants.
  
  
• Raipur sponge P-DRI deals reported at around INR 29,000/t on exw & DAP basis. The premium of DR CLO grade sponge iron against P-DRI, fell to around INR 4,000/t as against INR 4,500-5,000/t during last week.
  
  
• Neo Metaliks in Durgapur has increased steel grade pig iron offers by INR 300-500/t to INR 39,500/t exw.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,000/t FoR Raipur.
  
  
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 38,000/t FoR Raigarh.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers reported at $615/t exw Durgapur, equivalent to $640/t CPT Nepal.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 45,500/t exw.
  
  
• In Heavy structural steel, base price of 150 mm channel increase by INR 500/t to INR 50,500/t in Raipur with firm trade discount of INR 1,200-1,400/t. Trade reference price of 200 mm angle is at INR 52,200-52,600/t exw.
  
  

Click here for re-bar brand wise details