Indian DRI, billet and re-bar update - 23 Nov

The Indian induction furnace (IF) steel market remained dull in the first half today, whereas in the second half of today's trading session the market gained momentum, as sellers in Mandi Gobindgarh increased offers.

However, that failed to inject dynamism in other markets across the country. Prices of the mid-sized mills dropped by up to INR 1,300/tonne (t) ($17), d-o-d.

Semi-finished steel (including sponge iron and billet) prices decreased by INR 100-1,000/t following a major drop of INR 1,000/t in Hyderabad's billet market.

Also, rebar (Fe 500) offers declined by INR 200-1,300/t across locations in the country, with the maximum drop of around INR 1,000-1,300/t in Mumbai and Jalna.

Semi finished

• Induction grade billet export offers stood at around $555/t exw Durgapur, equivalent to $580/t CPT Nepal.
  
  
• Raipur sponge P-DRI offers drop to around INR 29,000-29,500/t exw, however deals reported in the range of INR 28,600-29,000/t on exw & FoR basis.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 40,500/t exw, however sources claimed material available at INR 40,000-40,300/t exw.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,700-28,800/t FoR Raipur.
  
  
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 39,500/t FoR Raigarh.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,100/t exw Bellary.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers stood at around $610/t exw Durgapur, equivalent to $635/t CPT Nepal.
  
  
• Trade reference wire rod prices in Raipur stable at INR 44,800-45,000/t exw, owing to fall in trade discounts and base offers. However in Durgapur wire rod offers dropped by INR 500/t to INR 44800-45000/t exw.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 44,200/t exw.
  
  
• In Heavy structural steel, base price of 150 mm channel is declined to INR 1,000/t to INR 49,500/t in Raipur with firm trade discount of INR 900-1,200/t. Trade reference price of 200 mm angle is at INR 51,100-51,500/t exw.
  
  

Click here for re-bar brand wise details