Indian DRI, billet and re-bar update - 27 Aug

Spot trades in the Indian IF steel market remained dull on 27 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 sharply by INR 100-750/t following a major drop of INR 750/t observed in Raigarh. Domestic billet prices decreased by INR 200-600/t across markets in the country.

In addition, the induction furnace route re-bar market witnessed a downfall in prices by INR 100-400/t in many locations, with a major drop of INR 400/t in the northern, eastern and central regions.

Raw material

• A Chandrapur (Maharashtra) based sponge iron manufacturer booked raw pellets from Raipur at INR 12,400/t FoR
  
  

Semi finished

• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 38,500/t exw.
  
  
• Sponge P-DRI offers in Raipur drop by INR 300/t to INR 29,700-30,000/t, however the majority of bids were reported at around INR 29,500/t exw.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,700/t FoR Raipur.
  
  
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 29,700/t exw.
  
  

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 47,000/t exw Raipur (Down by INR 200/t).
  
  
• StelMax TMT offers reported at INR 47,800/t exw Delhi/NCR.
  
  
• Mono TMT is offering at INR 49,800/t FoR Ahmedabad (Down by INR 300/t).
  
  
• Gajkesari TMT offers stable at INR 48,300/t exw Jalna.
  
  
• Jai Kapeesh TMT is offering at INR 44,000/t exw Durgapur.
  
  
• Metalics 550D TMT offers reported at INR 45,200/t exw Sambalpur.
  
  
• ARS TMT(Fe 550D) offers reported at INR 50,100/t exw Chennai.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers drop to around $600/t exw Durgapur, equivalent to $625-630/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur fell by INR 500/t to INR 43,900-44,000/t exw, due to fall in base offers & adjusted trade discounts. Also, assessment prices in Durgapur down by INR 300/t to INR 44,000-44,300/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 1,100-1,300/t. Trade reference price of 200 mm angle is at INR 48,700-49,000/t exw.