Indian DRI, billet and re-bar update - 30 Nov

The Indian induction furnace (IF) steel market witnessed optimistic sentiments on 30 Nov'21. Prices of semi-finished steel products of the mid-sized mills increased by up to INR 900/tonne (t) ($12/t), d-o-d.

Dometic billet offers moved higher by INR 50-400/t following a major rise of INR 400/t in Ramgarh's billet market. However, the sponge iron market fluctuated by INR 50-400/t across the country.

Moreover, re-bar (Fe 500) prices increased by INR 100-900/t across many regions, whereas a correction of INR 300/t was observed in Chennai (South India).

Sources in central India are expecting semis prices to edge down, if demand remains subdued, citing a sharp fall in the prices of iron ore lumps and pellets.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 9,000/t exw.
  
  
• Odisha based sponge manufacturers getting RB2 coal offers at INR 10,000/t from Gangavaram port.
  
  

Semi finished

• Induction grade billet export offers stood at around $560-565/t exw Durgapur, equivalent to $585-590/t CPT Nepal.
  
  
• Raipur sponge P-DRI offers reported at INR 29,000-29,200/t, however deals reported at around INR 28,800-28,900/t on exw & DAP basis.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 500/t to INR 38,700/t exw.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,800-28,900/t FoR Raipur.
  
  
• Durgapur based sponge maker concluded around 600 t of C-DRI (70% lumps, 30% fines) at INR 31,600-31,700/t DAP.
  
  
• An export deal for 1,250 t, FeM 80 C-DRI mix material reported to Nepal at INR 31,200-31,300/t ($415-417), loaded to rake, from Odisha.
  
  
• Odisha based Steel grade pig iron supplier sold around 2,000 t at around INR 37,200/t exw Jharsuguda. Material booked largely through the traders.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,500/t exw Bellary & around 1,500 t deals reported in Hyderabad region.
  
  

Wire rod and structure

• Durgapur wire rod offers increased by INR 200/t to INR 46,000/t, however few deals were reported at INR 45,800-46,000/t exw.
  
  
• Mid scale mills wire rod export offers stable at $610-615/t exw Durgapur, equivalent to $635-640/t CPT Nepal.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 45,000/t exw.
  
  
• 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 1,700-2,000/t. Trade reference price of 200 mm angle is at INR 51,100-51,500/t exw.
  
  

Click here for re-bar brand wise details