Indian DRI, billet and rebar update - 6 Aug

Spot trading in the Indian secondary steel market remained dull on 6 Aug'21 as prices declined by up to INR 500/tonne (t) ($7) d-o-d.

As per SteelMint assessment, Indian semi-finished (including sponge iron and billet) steel market declined in the range of INR 100-400/t with a major fall of INR 400/t was witnessed in Durgapur's sponge iron market. However, sentiments recovered in the later half and prices rebound by INR 200/t in Mandi Gobindgarh.

Induction furnace route re-bar prices, too, dropped by INR 100-500/t with a sharp fall of INR 500/t observed in Punjab's Mandi Gobindgarh.

Raw material

• Jharsuguda based pellet maker sold around 3,000 t raw pellets in local region at INR 14,300/t exw.
  
  
• A Chandrapur (Maharashtra) based sponge iron manufacturer booked raw pellet offers from Raipur at INR 14,200/t exw.
  
  

Semi finished

• Induction grade (IF) billet export offers stood at around $580/t, exw-Durgapur (equivalent to $605-610/t CPT Nepal).
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 100/ to INR 39,200/t exw.
  
  
• Sponge P-DRI prices in Raipur declined by INR 100/t & a few deals confirmed at around INR 31,000/t exw & FoR Raipur.
  
  
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 31,000/t exw.
  
  
• Mahavir Ferro Alloys sold around 500 t sponge C-DRI (mix material) at INR 32,500/t exw Rourkela.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,500-29,600/t exw Bellary & around 1,000 t deals reported in nearby region.
  
  

Rebar (12 mm)

• GK TMT(Fe 500D) is offering at INR 48,000/t exw Raipur(Down by INR 300/t).
  
  
• Shrishtii TMT offers reported at INR 45,700/t exw Raigarh (Down by INR 100/t).
  
  
• Vinayak TMT offers stable at INR 50,400/t FoR Ahmedabad.
  
  
• Polaad TMT offers unchanged at INR 48,900/t exw Jalna.
  
  
• Sangam TMT offers reported at INR 47,500/t exw Wardha.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers reported at around $620/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur down by INR 300/t to INR 46,000-46,200/t exw, due to drop in base offers. Also, assessment prices in Durgapur fell by INR 500/t to INR 45,800-46,000/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel decrease by INR 300/t to INR 47,500/t in Raipur with firm trade discount of INR 700-1,000/t. Trade reference price of 200 mm angle is at INR 49,500-49,900/t exw.
  
  

Reference prices as on 6th Aug'21