Indian DRI, billet and re-bar update - 8 Sep

Indian induction furnace (IF) route steel market noticed subdued trading activity on 8 Sept'21. Steel prices of mid-sized mills declined by up to INR 800/t ($11), d-o-d.

As per SteelMint assessment, sponge iron offers dropped by INR 100-500/t throughout the country with a major fall of around INR 400-500/t seen in northern, eastern and central regions.

Similarly, domestic billet prices declined by INR 100-500/t in many regions, even markets such as Mumbai and Hyderabad witnessed a major price correction of around INR 500/t. Moreover, the IF route re-bar offers dropped by INR 100-800/t in most of the locations.

Semi finished

• Indian IF route billet export offers drop by $5-10/t to around $555/t exw Durgapur, equivalent to $580-585/t CPT Nepal.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 38,000/t exw.
  
  
• Sponge P-DRI (FeM 80%) offers in Raipur fell by INR 400/t to INR 28,900-29,100/t exw. However, over 5,000 t deals confirmed from outside plants at around INR 28,200-300/t FoR Raipur, for FeM 78-79%.
  
  
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 29,000/t exw.
  
  
• Jharkhand based manufacturer concluded 700 t billet deals at INR 41,200/t exw Ramgarh basis.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,800/t exw Bellary.
  
  

Re-bar (12 mm)

• Goel TMT(Fe 500D) is offering at INR 46,200/t exw Raipur (Down by INR 500/t).
  
  
• Shrishtii TMT offers reported at INR 44,300/t exw Raigarh. (Down by INR 100/t).
  
  
• Rathi StelMax TMT offers stable at INR 46,950/t exw Delhi/NCR.
  
  
• Century TMT is offering at INR 45,200/t exw Muzaffarnagar (Down by INR 300/t).
  
  
• National TMT is offering at INR 49,500/t FoR Ahmedabad (Down by INR 400/t).
  
  
• Polaad TMT is offering at INR 47,000/t exw Jalna (Down by INR 300/t).
  
  
• Jai Kapish TMT offers reported at INR 43,300/t exw Durgapur.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers fell to around $595-600/t exw Durgapur, equivalent to $625/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur fell by INR 500/t to INR 43,200-43,400/t exw due to fall in base offers. Also, prices in Durgapur moved down by INR 300/t to INR 43,700-44,000/t exw.
  
  
• Raigarh based Singhal Steel concluded around 800 t deals of wire rod at INR 42,600/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel decreased by INR 300/t to INR 46,200/t in Raipur with firm trade discount of INR 900-1,200/t. Trade reference price of 200 mm angle is at INR 47,900-48,300/t exw.