Indian DRI, billet and re-bar update - 6 Sep

Indian induction furnace (IF) route steel market sentiments remained dull on 6 Sept'21 as steel prices of mid-sized mills declined by up to INR 500/t ($7), d-o-d.

As per SteelMint assessment, sponge iron offers dropped by INR 50-300/t in many regions except south India where prices moved up by INR 150/t in Bellary. Domestic billet prices declined by INR 50-500/t in most of the locations with a major correction of INR 500/t noticed in Hyderabad market.

Moreover, IF route re-bar markets also witnessed dull trading activity as prices dropped by INR 100-400/t through out the country.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 11,300/t exw (Down by INR 100/t).
  
  

Semi finished

• Indian IF route billet export offers slightly drop to around $565-570/t exw Durgapur, equivalent to $595/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 38,200/t exw.
  
  
• Sponge P-DRI offers in Raipur fell by INR 300/t & deals reported at INR 29,600-29,700/t on exw & FoR Raipur basis.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,600-29,700/t FoR Raipur.
  
  
• Rourkela based manufacturer, Mahavir Ferro Alloys concluded around 1,000 t deals of billet (125×125) at INR 41,500/t exw.
  
  

Re-bar (12 mm)

• GK TMT(Fe 500D) is offering at INR 46,700/t exw Raipur (Down by INR 300/t).
  
  
• BS TMX offers reported at INR 44,200/t exw Raigarh.
  
  
• Mono TMT is offering at INR 49,500/t FoR Ahmedabad (Down by INR 300/t).
  
  
• Polaad TMT offers stable at INR 47,500/t exw Jalna.
  
  
• Metalics 550D TMT offers reported at INR 46,200/t exw Sambalpur.
  
  
• ARS TMT(Fe 550D) offers stable at INR 50,100/t exw Chennai.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers stood at $610-615/t exw Durgapur, equivalent to $640/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur fell by INR 300/t to INR 44,000-44,200/t exw due to fall in base offers. Also, prices in Durgapur down by INR 200/t to INR 44,300-44,500/t exw-Durgapur.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 43,800/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel decreased by INR 300/t to INR 46,500/t in Raipur with firm trade discount of INR 800-1,100/t. Trade reference price of 200 mm angle is at INR 48,300-48,700/t exw.