Indian DRI, billet and rebar update - 23 Jul

Spot trading in the Indian secondary steel market remained subdued on 23 Jul'21 and prices dropped by up to INR 600/t ($8) d-o-d basis.

As per SteelMint assessment, sponge iron prices fell by INR 100-200/t in major markets, whereas Raigarh and Bellary were locations that witnessed a slight hike in offers by INR 100-200/t. Domestic billet offers, on the other hand, declined by up to 100-600/t across the country.

In addition, the induction furnace rebar market recorded a decrease in prices by INR 100-500/t.

Raw material

• A Chandrapur (Maharashtra) based sponge iron manufacturer getting raw pellet offers from Bellary at INR 15,000/t FoR
  
  

Semi finished

• Induction grade billet export offers hovering at $565/t exw Durgapur (equivalent to $590-595/t CPT Nepal), via road delivery.
  
  
• Sponge P-DRI prices in Raipur fell by INR 100/t & deals reported at INR 29,600-29,700/t on exw & FoR basis.
  
  
• Durgapur based Neo Metaliks has kept steel grade pig iron offers firm at INR 38,000/t exw.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 80 P-DRI at around INR 29,600/t FoR Raipur.
  
  
• Rourkela based manufacturer, Mahavir Ferro Alloys offered billet (125×125) at INR 42,000/t exw.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,400/t exw Bellary. (Up by INR 200/t).
  
  

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 47,400/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 45,000/t exw Raigarh.
  
  
• Swarup TMT is offering at INR 45,800/t exw Muzaffarnagar (Down by INR 200/t).
  
  
• CPC Thermex TMT offers reported at INR 44,300/t exw Durgapur (Down by INR 200/t).
  
  
• Mono TMT offers unchanged at INR 49,100/t FoR Ahmedabad.
  
  
• Polaad TMT offers stable at INR 47,500/t exw Jalna.
  
  
• Metalics 550D TMT offers reported at INR 46,000/t exw Sambalpur (Down by INR 500/t).
  
  

Wire rod and structure

• Mid scale mills wire rod export offers stood at around $615/t exw Durgapur, equivalent to $640-645/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur fell by INR 500/t to INR 45,300-45,500/t exw, due to increase in trade discount. Also, assessment prices in Durgapur went down by INR 400/t to INR 45,300-500/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel stable at INR 46,700/t in Raipur with firm trade discount of INR 700-1,000/t. Trade reference price of 200 mm angle is at INR 48,700-49,100/t exw.
  
  

Reference prices as on 23rd Jul'21