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Indian DRI, billet and re-bar update - 11 Nov

The Indian induction furnace (IF) steel market witnessed dull sentiments on 11 Nov’21 as steel prices of mid-sized mills dropped by up to INR 700/tonne (t) ($9) ...

Semi Finished
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11 Nov 2021, 18:51 IST
Indian DRI, billet and re-bar update - 11 Nov

The Indian induction furnace (IF) steel market witnessed dull sentiments on 11 Nov'21 as steel prices of mid-sized mills dropped by up to INR 700/tonne (t) ($9) on a day-to-day basis.

Semi-finished steel (including sponge iron and billet) offers fell by INR 150-650/t in most regions across the country. However, a major decline in prices to the tune of INR 650/t was observed in Ramgarh, Jharkhand.

In addition, rebar (Fe 500 grade) prices declined by INR 200-700/t in major markets, following the sharpest correction of INR 700/t in Durgapur.

Demand continues to remain weak and hence suppliers are aggressively pushing to conclude deals, which is resulting in prices falling fast, SteelMint notes.

Raw material

  • Jharsuguda based pellet maker offered raw pellets at INR 11,500/t exw.

Semi finished

  • Induction grade billet export offers fall to around $580/t exw Durgapur, equivalent to $605/t CPT Nepal.

  • Raipur sponge P-DRI offers reported INR 30,700-31,000/t exw, however a few bids reported at around INR 30,000-30,200/t on exw & FoR basis.

  • Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 43,000/t exw, although no buying due to fall in billet offers, as per officials.

  • About 1,700 t of IF route billet deals were confirmed at INR 43,600-43,700/t exw by Ramgarh, Jharkhand-based manufacturers, to nearby regions. Also, around 1,000 t sponge P-DRI deals were reported at INR 29,800-30,000/t & about 700 t C-DRI (60% lumps & 40% fines) trade at INR 32,300-32,400/t exw Ramgarh.

  • West Bengal based mill sold around 500 t sponge P-DRI at INR 29,800-29,900/t on For Durgapur basis.

  • Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,500-30,600/t FoR Raipur.

  • BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 32,300/t exw Bellary.

Wire rod and structure

  • Mid scale mills wire rod export offers stood at $630-635/t exw Durgapur, equivalent to $655-660/t CPT Nepal.

  • Trade reference wire rod prices in Raipur fell by INR 500/t to INR 46,500-47,000/t exw, due to plunged base offers.

  • Durgapur based producer concluded around 600 t of wire rod deal at INR 46,600-46,800/t exw.

  • Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 46,000/t exw.

  • In Heavy structural steel, base price of 150 mm channel remain stable to INR 51,500/t in Raipur with firm trade discount of INR 1,300-1,500/t. Trade reference price of 200 mm angle is at INR 53,100-53,500/t exw.

Click here for re-bar brand wise details

 

11 Nov 2021, 18:51 IST

 

 

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