Indian DRI, billet and re-bar update - 25 Nov

The Indian induction furnace (IF) steel market remained dull due to weak demand throughout 25 Nov'21. Prices of the mid-sized mills fell by up to INR 700/tonne ($9) (t), d-o-d.

Semi-finished steel (including sponge iron and billet) offers declined by INR 100-700/t following a major drop of INR 700/t in Gujarat's billet market.

Moreover, rebar (Fe 500) prices decreased by INR 200-700/t across many regions in the country.

The rise in coal prices was unable to lend support to a falling market, as buyers are still on a wait-and-watch mode.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 9,600/t exw
  
  

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 reported at INR 28,600-28,800/t, however deals reported at around INR 28,300-28,600/t exw & DAP basis.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 40,000/t exw.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,700-28,800/t FoR Raipur.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary & around 3,000 t deals reported in Hyderabad region.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $610/t exw Durgapur, equivalent to $635/t CPT Nepal.
  
  
• Trade reference wire rod prices in Raipur fell by INR 200/t to INR 44,500-44,800/t exw, due to increased trade discounts. Also, Durgapur wire rod offers fell by INR 100 to INR 45,000-45,200/t exw.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 44,000/t exw.
  
  
• In Heavy structural steel, base price of 150 mm channel is stable to INR 49,500/t in Raipur with firm trade discount of INR 1,300-1,600/t. Trade reference price of 200 mm angle is at INR 51,000-51,300/t exw.
  
  

Click here for re-bar brand wise details