Indian DRI, billet and re-bar update - 28 Oct

The Indian induction furnace (IF) steel market remained volatile on 28 Oct'21. Steel prices of the mid-sized mills varied in the range of INR 50-500/tonne (t) on a day-to-day basis.

Semi-finished steel (including sponge iron and billet) offers fluctuated by INR 50-500/t in most of the major markets. In addition, rebar offers (Fe 500) fluctuated by INR 100-500/t across regions. However, prices increased by 500/t in the eastern and southern regions.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 12,300/t exw (Down by INR 200/t).
  
  

Semi finished

• Indian IF route billet export offers stable at around $620/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
  
  
• Raipur sponge P-DRI offers were stable at INR 32,800-33,000/t exw, however a few bids reported at slightly low price by INR 100-200/t compared to the offers.
  
  
• Steel grade Pig iron offers through the Neo Metaliks unchanged at INR 45,300/t exw Durgapur.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 32,500/t FoR Raipur.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 34,000/t exw Bellary. However no major deals reported from officials.
  
  

Wire rod and strucutre

• Mid scale mills wire rod export offers stood at $670-675/t exw Durgapur, equivalent to $700/t CPT Nepal.
  
  
• Trade reference wire rod prices unchanged at INR 49,500-50,000/t exw Raipur & INR 49,800-50,000/t exw Durgapur.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 49,000/t exw.
  
  
• In Heavy structural steel, base price of 150 mm channel is increased by INR 300/t to INR 52,800/t in Raipur with firm trade discount of INR 700-1,000/t. Trade reference price of 200 mm angle is at INR 54,700-55,100/t exw.
  
  

Click here for re-bar brand wise details