Indian DRI, billet and re-bar update - 21 Sep

The Indian induction furnace-(IF) route steel market remained volatile on 21 Sep'21 as steel prices of the mid-sized mills fluctuated in the range of INR 50-500/t, d-o-d.

As per SteelMint's assessment, sponge iron offers increased by INR 100-300/t in many regions throughout the country except Durgapur and Bellary's sponge iron market, where prices dropped by INR 150-250/t. Moreover, domestic billet prices fluctuated in the range of INR 50-500/t in major markets.

Also, IF-route re-bar prices are volatile by INR 100-400/t across many locations in the country.

Raw material

• Karnataka based BMM Ispat offered raw pellets at INR 11,200/t exw Bellary.
  
  

Semi finished

• IF route billet export offers reported at around $575/t exw Durgapur, equivalent to $600-605/t CPT Nepal, via road delivery.
  
  
• Steel grade pig iron offers in Durgapur remain stable at INR 42,000-42,300/t exw.
  
  
• Sponge P-DRI (FeM 80%) offers in Raipur up by INR 100/t & deals reported at around INR 30,500-30,700/t on exw & FoR Raipur basis.
  
  
• Jharsuguda, Odisha based sponge supplier sold around 1,200 t FeM 80 P-DRI at around INR 30,400-30,500/t FoR Raipur.
  
  
• Jindal Steel concluded deals of around 1,000 t steel grade pig iron at INR 41,000/t exw Raigarh. Later on manufacturer holding sales to maintain margins and supply-demand chain.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,900/t exw Bellary (Down by INR 100/t).
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 30,700/t exw Bellary (Down by INR 100/t).
  
  

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 47,600/t exw Raipur (Up by INR 400/t).
  
  
• Shrishtii TMT offers reported at INR 45,500/t exw Raigarh (Down by INR 100/t).
  
  
• Rathi Stelmax TMT is offering at INR 47,750/t exw Delhi/NCR (Up by INR 100/t).
  
  
• Kalika TMT offers stable at INR 46,700/t exw Jalna.
  
  
• Mono TMT is offering at INR 47,200/t FoR Ahmedabad (Up by INR 200/t).
  
  
• ARS TMT(Fe 550D) offers reported at INR 51,600/t exw Chennai.
  
  
• Prime Gold Int'l Ltd current offering at INR 51,800/MT Exw Bangalore.
  
  
• A One Gold TMT offers reported at INR 50,500/t exw Bellary
  
  

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $620/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur fell by INR 200/t to INR 45,600-45,800/t exw, due to increase in trade discounts. Also, prices in Durgapur went down by INR 200/t to INR 45,200-45,300/t exw.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 45,300/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel is increased by INR 500/t & stands at INR 48,000/t in Raipur with firm trade discount of around INR 1,000/t. Trade reference price of 200 mm angle is at INR 49,800-50,200/t exw.