Indian DRI, billet and rebar update - 29 Jun

The Indian secondary steel market witnessed a decline in prices by up to INR 1,000/t ($13) d-o-d on 29 Jun'21. Weak demand during the rainy season and rising inventories of rebars at mills continued to weigh on prices.

As per SteelMint assessment, semi-finished steel (sponge iron and billet) prices declined by INR 100-1,000/t throughout the country with a sharp fall in the range of 700-1,000/t observed in the Mandi Gobindgarh (Punjab), Raipur and Gujarat billet market.

Moreover, induction furnace grade rebar offers decreased by INR 100-600/t across markets in the country. Markets in north India (Muzaffarnagar) witnessed a major drop in rebar prices to the tune of INR 600/t, as per SteelMint reports.

Semi finished

• Induction grade billet export offers drop by $10/t to $545/t exw Durgapur, equivalent to $570-575/t CPT Nepal, via road delivery. However, inquiries remain poor as buyers expect further fall in offers due to seasonal slow demand.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 300/t to INR 37,700/t exw.
  
  
• Sponge P-DRI offers in Raipur slightly dropped at INR 29,500-29,700/t, however a few deals reported at around INR 29,200-300/t exw & FoR Raipur.
  
  
• Jajpur, Odisha based sponge supplier sold around 500 t FeM 80 C-DRI mix material at around INR 30,000/t exw.
  
  
• Odisha based plant - Jai jagannath sponge offered billet at INR 40,200/t & P-DRI at INR 27,600/t exw Dhenkanal.
  
  
• Sambalpur, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,000/t exw.
  
  
• Bhaskar Steel and Ferro Alloy Ltd offered FeM 80 C-DRI lumps at INR 30,000/t & billet at INR 40,200/t exw Badtumkela.
  
  
• Ind Synergy offered P-DRI at INR 29,000/t & billet at INR 40,200/t exw Raigarh.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,500/t exw Bellary. However no deals reported from officials.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,000/t exw Bellary (Down by INR 300/t).
  
  

Rebar (12 mm)

• GK TMT(Fe 500D) offers unchanged at INR 46,500/t exw Raipur.
  
  
• BS TMX offers reported at INR 43,700/t exw Raigarh (Down by INR 300/t).
  
  
• A One Gold TMT offers reported at INR 50,000/t exw Bellary.
  
  
• Rathi Stelmax TMT is offering at INR 47,150/t exw Delhi/NCR (Down by INR 350/t).
  
  
• Century TMT is offering at INR 45,400/t exw Muzaffarnagar (Down by INR 500/t).
  
  
• Vicon TMT offers reported at 43,800/t exw Durgapur.
  
  
• Mono TMT is offering at INR 47,400/t FoR Ahmedabad (Down by INR 300/t).
  
  
• Kalika TMT offer unchanged at INR 47,000/t exw Jalna.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers stood at $585-590/t exw Durgapur, equivalent to $615/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices in Raipur fell by INR 400/t to INR 44,300-44,500/t exw, due to increase in trade discounts. Also, prices in Durgapur dropped by INR 400/t to INR 43,000-43,300/t exw.
  
  
• Raipur based heavy structure steel manufacturers, reduce the base price of 150 mm channel by INR 300/t to INR 45,500/t and given trade discount by INR 800-1,000/t. Trade reference prices of 200 mm angle is at INR 47,600-48,000/t exw.
  
  

Reference prices as on 29th June'21