Indian DRI, billet and re-bar update - 12 Oct

The Indian induction furnace (IF) steel market remained supported as steel prices of the mid-sized mills increased by up to INR 1,700/t ($22/t) across the country on a day-on-day basis on 12 Oct'21.

As per SteelMint's assessment, semi-finished steel (including sponge iron and billet) prices moved up by INR 100-1,000/t in major markets with a major hike of around INR 800-1,000/t seen in Mumbai, Jalna and Chennai's billet markets. The sponge iron market in Raigarh, Chhattisgarh saw a drop by INR 100-200/t.

Also, rebar offers rose by INR 300-1,700/t following a sharp increase of INR 1,700/t in western India (Mumbai).

Demand for finished steel products was limited today. However, an acute shortage and higher coal prices are likely to keep steel prices supported, SteelMint notes.

Semi finished

• Steel grade pig iron offers in Durgapur increased to INR 46,200-46,400/t exw, due to surge in billet prices.
  
  
• Sponge P-DRI offers in Raipur rose to INR 35,600-36,000/t, however deals reported at INR 35,300-35,600/t on exw & FoR Raipur basis.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 37,000/t exw Bellary.
  
  

Wire rod and structure

• Trade reference wire rod prices in Raipur stable at INR 53,000-53,500/t exw. However, prices in Durgapur surged by INR 700/t to INR 52,500-52,800/t exw-Durgapur.
  
  
• Heavy structural steel, base price of 150 mm channel stable at INR 55,000/t in Raipur with firm trade discount of around INR 1,000-1,200/t. Trade reference price of 200 mm angle is at INR 57,000-57,400/t exw.
  
  

Click here for re-bar brand wise details