Indian DRI, billet and re-bar update - 15 Dec

The induction furnace (IF) steel market remained weak on 15 Dec'21. Prices of semi-finished steel products of the mid-sized mills declined by up to INR 500/tonne (t) ($7), d-o-d.

Indian semi-finished steel (including sponge iron and billet) offers dropped by INR 100-500/t, following a major decline of INR 500/t in the billet markets in Ahmedabad and Chennai.

Moreover, re-bar offers fluctuated in the range of INR 100-500/t in many regions, with a fall of INR 400/t seen in Rourkela, east India. However, the market remained supported in Mumbai, Jalna and Chennai.

Following a price correction in northern India, Punjab, trades across different regions were affected, SteelMint notes.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 9,700/t exw
  
  

Semi finished

• Induction grade billet export offers fall by $5-10/t to $555-560/t exw Durgapur, equivalent to $580-585/t CPT Nepal.
  
  
• Raipur sponge P-DRI deals reported at around INR 28,600-28,800/t as against offers of INR 28,800-29,000/t on exw & DAP basis.
  
  
• Neo Metaliks in Durgapur has increased steel grade pig iron offers by INR 500/t to INR 40,000/t exw.
  
  
• Odisha based sponge supplier offered FeM 78 P-DRI at around INR 28,600/t FoR Raipur.
  
  
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 37,500/t FoR Raigarh.
  
  

Wire rod and structure

• Mid scale mills wire rod export offers fall to $610-615/t exw Durgapur, equivalent to $635-640/t CPT Nepal.
  
  
• Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 44,700/t exw.
  
  
• In Heavy structural steel, base price of 150 mm channel is stable to INR 50,500/t in Raipur with firm trade discount of around INR 2,000/t. Trade reference price of 200 mm angle is at INR 51,800-52,200/t exw.
  
  

Click here for re-bar brand wise details