Indian DRI, billet and re-bar update - 17 Sep

The Indian induction furnace (IF) route steel market remained quiet on 17 Sep'21 on account of Vishwakarma Puja. However, the market turned out to be supported in the second half with limited transactions witnessed. Steel prices of the mid-sized mills increased by up to INR 500/t ($7), d-o-d.

As per SteelMint assessment, sponge iron offers surged by INR 100-500/t following with a major hike of INR 500/t in Raigarh. On the other hand, prices declined by INR 100/t in Bellary's DRI market. Moreover, the domestic billet market rose by INR 100-500/t in major locations.

IF route re-bar offers fluctuated in the range of INR 100-300/t across regions in the country.

Semi finished

• Steel grade pig iron prices in Durgapur remained strong and stood at INR 42,200-42,500/t exw.
  
  
• Sponge P-DRI (FeM 80%) offers in Raipur up & deals reported at INR 30,000-30,200/t on exw & FoR Raipur basis.
  
  
• Jharkhand based manufacturers offered billet at INR 42,800/t on exw Ramgarh basis (Up by INR 100/t).
  
  

Re-bar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 46,800/t exw Raipur.
  
  
• Rathi Stelmax TMT offers stable at INR 47,250/t exw Delhi/NCR.
  
  
• Century TMT offers reported at INR 45,900/t exw Muzaffarnagar (Up by INR 200/t).
  
  
• Polaad TMT is offering at INR 46,500/t exw Jalna (Up by INR 300/t).
  
  
• Mono TMT is offering at 46,900/t FoR Ahmedabad (Down by INR 300/t).
  
  

Wire rod and structure

• Mid scale mills wire rod export offers stood at $620-625/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur rose by INR 300/t to INR 45,000-45,200/t exw, due to increase in base offers. Also, prices in Durgapur increased by INR 300/t to INR 45,300-45,500/t exw.
  
  
• In heavy structural steel, trade reference price of 200 mm angle is stood at INR 48,800-49,200/t exw Raipur.