Indian DRI, billet and rebar update - 6 Jul

The Indian secondary steel market continued to witness subdued demand on 6 Jul'21, with prices falling by up to 600/t ($8) d-o-d.

As per SteelMint assessment, Indian semi-finished steel (billet and sponge iron) offers declined by INR 100-600/t across regions, with a sharp drop of INR 600/t witnessed in Raigarh's sponge market.

However, billet prices marginally increased by INR 100/t in Mumbai, Maharashtra.

In addition, induction furnace grade rebar prices declined by INR 100-500/t in many locations throughout India.

Semi finished

• Induction grade billet export offers stable at $540/t exw Durgapur (equivalent to $565-570/t CPT Nepal), via road delivery.
  
  
• Sponge P-DRI prices in Raipur slightly fell & deals reported at INR 28,800-28,900/t on exw & FoR basis.
  
  
• Durgapur based Neo Metaliks has kept steel grade pig iron offers firm at INR 36,600-36,700/t exw.
  
  
• Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 28,800-28,900/t FoR Raipur. (Down by INR 300/t).
  
  
• Jharkhand based sponge manufacturer offered P-DRI at 27,900/t exw Ramgarh (Down by INR 100/t).
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 27,000-27,100/t exw Bellary & around 2,500 t deals reported in nearby region.
  
  
• BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 27,800/t exw Bellary.
  
  

Rebar (12 mm)

• GK TMT(Fe 500D) offers stable at INR 46,000/t exw Raipur.
  
  
• BS TMX offers reported at INR 43,200/t exw Raigarh.
  
  
• Metalics 550D TMT offers reported at INR 44,700/t exw Sambalpur.
  
  
• Rathi Stelmax TMT kept offers stable at INR 47,000/t exw Delhi/NCR.
  
  
• Swarup TMT is offering at INR 45,000/t exw Muzaffarnagar (Down by INR 500/t).
  
  
• Sova Super TMT offers reported at INR 42,600/t exw Durgapur.
  
  
• Mono TMT is offering at INR 46,800/t FoR Ahmedabad (Down by INR 200/t).
  
  
• Polaad TMT kept offers unchanged at INR 46,000/t exw Jalna.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers hovering at $590/t exw Durgapur, equivalent to $615-620/t CPT Nepal, via road delivery.
  
  
• Trade reference wire rod prices unaltered at INR 44,700-45,000/t exw Raipur & INR 43,500-43,700/t exw Durgapur.
  
  
• Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 44,000/t exw.
  
  
• Jharsuguda, Odisha based wire rod supplier offer reported at INR 44,200/t exw.
  
  
• Heavy structural steel, base price of 150 mm channel increase by INR 300/t to INR 45,000/t in Raipur with firm trade discount at INR 800-1,000/t. Trade reference price of 200 mm angle is at INR 46,900-47,200/t exw.
  
  

Reference prices as on 6th Jul'21