Indian DRI, billet and rebar update - 15 Jul

Spot trading in the Indian secondary steel market improved slightly on 15 Jul'21 and prices moved up by up to INR 700/tonne (t) ($9) d-o-d.

As per SteelMint assessment, Indian semi-finished (sponge iron and billet) prices increased by INR 100-700/t in many regions, whereas offers dropped by INR 200-600/t in Mumbai, Jalna and Chennai.

Moreover, the induction furnace grade rebar market witnessed fluctuations in prices by INR 100-300/t in most locations.

Market sources are expecting semis prices to remain volatile on subdued demand as well high raw materials costs.

Raw material

• Jharsuguda based pellet maker offering raw pellets to local region at INR 14,800/t exw.
  
  
• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 94,500/t exw.
  
  

Semi finished

• Induction grade billet export offers increased by $5/t to around $545-550/t exw Durgapur (equivalent to $575/t CPT Nepal), via road delivery.
  
  
• Sponge P-DRI prices in Raipur up by INR 200/t & deals reported at INR 28,900-29,000/t on exw & FoR basis.
  
  
• Durgapur based Neo Metaliks has raised steel grade pig iron offers by INR 200/t to INR 37,200/t exw.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,900-29,000/t FoR Raipur.
  
  
• Ind Synergy offered P-DRI at INR 28,300/t & billet at INR 40,700/t exw Raigarh.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 28,700/t exw Bellary & around 1,200 t deals reported in nearby region.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 29,300/t exw Bellary
  
  

Rebar (12 mm)

• GK TMT(Fe 500D) offer stable at INR 46,000/t exw Raipur.
  
  
• BS TMX offers reported at INR 43,500/t exw Raigarh (Down by INR 200/t).
  
  
• Swarup TMT offers reported at INR 44,400 exw Muzaffarnagar (Down by INR 200/t).
  
  
• Mono TMT is offering at INR 47,200/t FoR Ahmedabad (Down by INR 300/t).
  
  
• Polaad TMT kept offers stable at INR 46,600/t exw Jalna.
  
  
• CPC Thermex TMT offers reported at INR 43,500/t exw Durgapur.
  
  
• Metalics 550D TMT offers reported at INR 44,700/t exw Sambalpur.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers stable at $590-595/t exw Durgapur, equivalent to $620/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur up by INR 400/t to INR 44,700-44,900/t exw, due to reduced trade discounts. Also, assessment price rose in Durgapur by INR 200/t to INR 43,800-44,000/t exw.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 44,500/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel stable at INR 45,200/t in Raipur with firm trade discount at INR 800-1,000/t. Trade reference price of 200 mm angle is at INR 47,300-47,700/t exw.
  
  

Reference prices as on 15th Jul'21