Indian DRI, billet and re-bar update - 29 Nov

The Indian induction furnace (IF) steel market witnessed positive sentiments on active demand on 29 Nov'21. Semis prices of the mid-sized mills increased by up to INR 500/tonne (t) ($7/t), d-o-d.

Semi-finished steel (including sponge iron and billet) offers moved up by INR 100-500/t and a major rise of INR 500/t was seen in Hyderabad's billet market.

However, re-bar (Fe 500) prices fluctuated by INR 100-300/t across many regions in the country.

Demand improved slightly today following a surge in prices in the Punjab market. Prices in the short term will depend on finished steel demand, SteelMint notes.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 9,500/t exw
  
  

Semi finished

• Induction grade billet export offers increased by $5-10/t to around $560/t exw Durgapur, equivalent to $585/t CPT Nepal.
  
  
• Raipur sponge P-DRI offers reported at INR 29,000-29,200/t, however deals reported at around INR 28,800-29,000/t on exw & DAP basis.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 300/t to INR 39,200/t exw.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,800/t FoR Raipur.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700/t exw Bellary.
  
  

Wire Rod and Structure

• Mid scale mills wire rod export offers stood at $610-615/t exw Durgapur, equivalent to $635-640/t CPT Nepal.
  
  
• In Heavy structural steel, base price of 150 mm channel is stable to INR 50,000/t in Raipur with firm trade discount of INR 1,200-1,500/t. Trade reference price of 200 mm angle is at INR 51,400-51,800/t exw.
  
  

Click here for re-bar brand wise details