Indian DRI, billet and rebar update - 4 Aug

Spot trading activity in the Indian secondary steel market remained subdued on 4 Aug'21 while prices moved up by INR 500/tonne (t) ($7) d-o-d.

As per SteelMint assessment, Indian sponge iron prices moved up by INR 100-300/t in most of the major markets. Domestic billet offers, too, shot up by INR 100-500/t in many regions, with a major hike of INR 500/t witnessed in Hyderabad.

Induction furnace route re-bar prices increased by INR 100-300/t; however, a drop of around INR 100/t was seen in the Raigarh market.

Amidst prevailing supply shortage of sponge iron and billet, prices remained supported, especially in the central region, trade sources told SteelMint.

Raw material

• Singhal Steel, Raigarh based manufacturer has offered 60-14 silico manganese at INR 95,000/t exw.
  
  

Semi finished

• Induction grade (IF) billet export offers stood at around $585/t, exw-Durgapur (equivalent to $610-615/t CPT Nepal).
  
  
• Neo Metaliks in Durgapur has raised steel grade pig iron offers by INR 300/ to INR 39,500/t exw.
  
  
• Sponge P-DRI prices in Raipur up by INR 300/t & deals reported at around INR 30,900-31,100/t exw & FoR Raipur.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,400-29,500/t exw Bellary & around 4,000 t deals reported in nearby region.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 31,000/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 48,300/t exw Raipur.
  
  
• Shrishtii TMT offers reported at INR 45,800/t exw Raigarh.
  
  
• Century TMT is offeing at INR 47,200/t exw Muzaffarnagar(Up by INR 200/t).
  
  
• Rathi Stelmax TMT is offering at INR 48,250/t exw Delhi/NCR (Up by INR 250/t).
  
  
• Mono TMT offers stable at INR 50,000/t FoR Ahmedabad.
  
  
• Polaad TMT is offering at INR 48,900/t exw Jalna (Up by INR 200/t).
  
  
• CPC Thermex TMT offers reported at 45,600/t exw Durgapur.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers reported at $620-625/t exw Durgapur, equivalent to $650/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur unaltered at INR 46,500-46,700/t exw. However, assessment prices in Durgapur went up by INR 300/t to INR 46,000-46,300/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel increase by INR 200/t to INR 47,800/t in Raipur with firm trade discount of INR 700-900/t. Trade reference price of 200 mm angle is at INR 49,700-50,100/t exw.
  
  
• Raigarh based Singhal Steel concluded around 1,200 t deals of wire rod at INR 46,000/t exw.
  
  

Reference prices as on 4th Aug'21