Indian DRI, billet and re-bar update - 5 Oct

The Indian induction furnace (IF) steel market witnessed mixed trends on 5 Oct'21 and steel prices of the mid-sized mills registered a slight decline in the central and eastern regions of the country. Prices, however, strengthened in the western and southern parts of India in today's trade.

As per SteelMint assessment, sponge iron offers increased by INR 100-600/t in the major markets. Nonetheless, a marginal fall in offers by around INR 100-150/t was seen at Durgapur in eastern India.

Domestic billet prices dropped in the central and eastern regions by around INR 50-400/t, while prices increased by INR 1,000/t at Hyderabad in south India.

Prices of IF rebar increased in the range of INR 200-2,200/t, with the major hike of INR 1,200-2,200/t observed in Chennai and Bangalore.

Semi finished

• IF route billet export offers stood at $630-635/t exw Durgapur, equivalent to $660/t CPT Nepal, via road delivery.
  
  
• Steel grade pig iron offers in Durgapur remains stable at INR 46,000-46,200/t exw.
  
  
• Sponge P-DRI (FeM 80%) offers in Raipur unchanged & deals reported in the range of INR 34,000-34,200/t on exw & FoR Raipur basis.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 34,100/t FoR Raipur.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 36,000/t exw Bellary. However no deals reported from officials.
  
  

Re-bar (12 mm)

• Goel TMT(Fe 500D) offers stable at INR 52,600/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 50,400/t exw Raigarh.
  
  
• Rathi Stelmax TMT is offering at INR 52,750/t exw Delhi/NCR (Up by INR 250/t).
  
  
• Century TMT offers reported at INR 51,000/t exw Muzaffarnagar (Up by INR 300/t).
  
  
• Mono TMT is offering at 51,800/t FoR Ahmedabad(Up by INR 200/t).
  
  
• Kalika TMT offers stable at INR 50,500/t exw Jalna.
  
  
• ARS TMT(Fe 550D) offers at INR 57,600/t exw Chennai.
  
  

Wire rod and structure

• Trade reference wire rod prices more or less stable at INR 51,500-52,000/t exw-Raipur & INR 51,000-51,500/t exw-Durgapur.
  
  
• Heavy structural steel, base price of 150 mm channel offers stable at INR 52,500/t in Raipur with firm trade discount of INR 700-900/t. Trade reference price of 200 mm angle is at INR 54,500-54,800/t exw.