Indian DRI, billet and re-bar update - 7 Oct

The Indian induction furnace (IF) steel market registered a fall in prices on 7 Oct'21. Steel prices of the mid-sized mills dropped by up to INR 1,000/t ($13) across the country, d-o-d.

As per SteelMint assessment, semi-finished steel (including sponge iron and billet) prices declined by INR 100-1,000/t in the major markets following a fall of around INR 700-1,000/t in Durgapur's sponge iron market and Hyderabad's billet market.

Also, rebar prices dropped by INR 200-600/t, with a sharp fall of INR 500-600/t seen in the eastern, central and southern regions.

Spot trades were limited today amidst weak demand in finished products; hence to attract buyers, suppliers had to lower offers, SteelMint notes.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 12,300/t exw (Down by INR 200/t).
  
  

Semi finished

• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 33,500/t FoR Raipur.
  
  
• IF route billet export offers dropped to around $615/t exw Durgapur, equivalent to $640-645/t CPT Nepal, via road delivery.
  
  
• Steel grade pig iron offers in Durgapur slightly fell to INR 45,700-45,800/t exw.
  
  
• Sponge P-DRI offers in Raipur down by INR 300/t & a few deals reported at INR 33,500-33,800/t on exw & FoR Raipur basis.
  
  

Re-bar (12 mm)

• Goel TMT(Fe 500D) offers unchanged at INR 52,600/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 49,800/t exw Raigarh (Down by INR 600/t).
  
  
• Rathi Stelmax TMT offers stable at INR 52,750/t exw Delhi/NCR.
  
  
• Swarup TMT offers reported at INR 51,200/t exw Muzaffarnagar.
  
  
• Mono TMT offers stable at 52,200/t FoR Ahmedabad.
  
  
• Gajkeasri TMT offers stable at INR 50,200/t exw Jalna.
  
  
• Sova Super Gold TMT is offering at INR 49,800/t exw Durgapur.
  
  
• ARS TMT(Fe 550D) offers reported at INR 57,600/t exw Chennai.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $670/t exw Durgapur, equivalent to $700/t CPT Nepal.
  
  
• Trade reference wire rod prices in Raipur fell by INR 600/t to INR 50,500-51,000/t exw, due to increase in trade discounts. Prices in Durgapur fell by INR 700/t to INR 50,000-50,300/t exw-Durgapur.