Indian DRI, billet and re-bar update - 19 Aug

The Indian secondary steel market continued to remain subdued on dull demand on 19 Aug'21. Secondary steel commodity prices dropped by up to INR 300/t ($4), d-o-d.

As per SteelMint assessment, the Indian semi-finished steel market (including sponge iron and billet) declined by INR 100-300/t across the country accept Chennai's billet market where prices recovered in second half by INR 200/t.

Also, induction furnace (IF) route re-bar offers slipped by INR 100-300/t across the country. However, the Muzaffarnagar re-bar market observed prices stiffening by 200/t.

Raw materials

• Raipur based billet manufacturers have reported offers of Silico Manganese (60-14) from Raigarh at around INR 95,700-95,800/t on FoR Raipur basis.
  
  

Semi finished

• Induction grade (IF) billet export offers slightly drop to around $580-585/t, exw-Durgapur (equivalent to $610/t CPT Nepal). About 3,000-3,500 t deals confirmed in the last 2 days.
  
  
• Neo Metaliks in Durgapur reduced cut steel grade pig iron offers by INR 300/t to INR 39,200/t exw.
  
  
• Sponge P-DRI offers in Raipur slightly fell & a few deals reported at INR 31,800-900/t on exw basis.
  
  
• Jharkhand Ispat Pvt. Ltd. offered billet at INR 43,400/t and sponge FeM 79 P-DRI at around INR 30,500/t exw Ramgarh.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,800/t exw Bellary.
  
  

Re-bar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 48,500/t exw Raipur.
  
  
• Century TMT is offering at INR 47,300/t exw Muzaffarnagar.
  
  
• Mono TMT offers stable at INR 50,250/t FoR Ahmedabad.
  
  
• Kalika TMT offers unchanged at INR 49,500/t exw Jalna.
  
  
• ARS TMT(Fe 550D) offers stable at INR 52,100/t exw Chennai.
  
  
• VRKP TMT offers reported at INR 47,500/t exw Bangalore.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers drop around $620-625/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur fell by INR 200/t to INR 46,300-46,500/t exw, due to increase in trade discounts. Also, assessment prices in Durgapur plunged by INR 300/t to INR 46,200-46,300/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel stable at INR 48,400/t in Raipur with firm trade discount of INR 1,000-1,200/t. Trade reference price of 200 mm angle is at INR 50,200-50,500/t exw.