Indian DRI, billet and re-bar update - 3 Dec

The induction furnace (IF) steel market continued to fall further on 3 Dec'21. Prices of semi-finished steel products of the mid-sized mills declined by up to INR 1,000/tonne (t) ($13), d-o-d.

Indian semi-finished steel (including sponge iron and billet) offers dropped by INR 300-1,000/t, following a major decline of INR 1,000/t noticed in Durgapur and Bellary.

Also, the re-bar prices trended downwards, with prices of Fe 500 grade material decreasing by INR 200-900/t. A major correction of INR 900/t was seen in Muzaffarnagar (Uttar Pradesh).

Amidst lower bids and low buying interest, suppliers were forced to cut prices. This, in turn, led to a steady drop in offers in the last couple of days, SteelMint notes.

Semi finished

• Induction grade billet export offers reduced by $10-15 to around $540-545/t exw Durgapur, equivalent to $565-570/t CPT Nepal.
  
  
• Raipur sponge P-DRI offers reported at INR 27,500-28,000/t, however a few deals reported at around INR 27,000-27,300/t on exw & DAP basis.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 37,800/t exw.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers fall by $10-15 to $595-600/t exw Durgapur, equivalent to $620-625/t CPT Nepal.
  
  
• In Heavy structural steel, base price of 150 mm channel is stable at INR 49,500/t in Raipur with firm trade discount of around INR 2,500/t. Trade reference price of 200 mm angle is at INR 49,700-50,100/t exw.
  
  

Click here for re-bar brand wise details