Indian DRI, billet and re-bar update - 26 Aug

The Indian secondary steel market witnessed dull demand on 26 Aug'21. Prices through the mid-sized mills declined by up to INR 750/t ($10), d-o-d.

As per SteelMint assessment, Indian sponge iron offers dropped by INR 100-750/t following a major drop of INR 750/t observed in Rourkela. Also, domestic billet prices decreased by INR 100-500/t across the country.

In addition, induction furnace (IF) route re-bar offers declined by INR 100-500/t in many regions whereas a marginal hike in prices of around INR 200/t was witnessed in Mumbai, Maharashtra.

Amidst expectations of a further fall in prices due to softening raw material prices, spot trade activities remained poor, SteelMint notes.

Semi finished

• About 2,000 t Induction route (IF) billet export deals reported at around $560-562/t, exw-Durgapur (equivalent to $590/t CPT Nepal).
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 300/t to INR 38,700/t exw.
  
  
• Sponge P-DRI offers in Raipur drop by INR 100/t & deals reported at around INR 30,000/t on exw Raipur basis.
  
  
• Jharkhand Ispat Pvt. Ltd. offered billet at INR 42,000/t and sponge P-DRI at INR 29,500/t exw Ramgarh.
  
  

Re-bar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 47,200/t exw Raipur.
  
  
• Rathi Stelmax TMT is offering at INR 47,850/t exw Delhi/NCR (Down by INR 400/t).
  
  
• Century TMT offers reported at INR 46,100/t exw Muzaffarnagar (Down by INR 400/t).
  
  
• Mono TMT is offering at INR 50,100/t FoR Ahmedabad (Up by INR 100/t).
  
  
• Polaad TMT offers stable at INR 49,000/t exw Jalna.
  
  
• Sova Super TMT offers reported at INR 45,200/t exw Durgapur (Down by INR 400/t).
  
  

Wire rod and structure

• Mid scale mills wire rod export offers drop to around $605/t exw Durgapur, equivalent to $630-635/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur remains stable at INR 44,300-44,500/t exw, due to fall in base offers & adjusted trade discounts. However, assessment prices in Durgapur fell by INR 200/t to INR 44,300-44,500/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel stable at INR 47,000/t in Raipur with firm trade discount of INR 1,000-1,300/t. Trade reference price of 200 mm angle is at INR 48,700-49,100/t exw.