The Indian induction furnace (IF) steel market remained dull on 20 Oct’21. Steel prices of the mid-sized mills decreased by up to INR 1,100/tonne (t) ($15) across the country, d-o-d.
As per SteelMint assessment, semi-finished steel (including sponge iron and billet) prices declined sharply by 50-1,100/t in all locations, with a major fall of INR 900-1,100/t seen in central and western India.
In addition, rebar prices also dropped by INR 100-1,000/t across the country, however markets in Delhi/NCR and Mumbai saw a major downfall in rebar offers by INR 1,000/t.
Semi finished
- Indian IF route billet export offers fall to around $640-645/t exw Durgapur, equivalent to $670/t CPT Nepal, via road delivery.
- Sponge P-DRI offers in Raipur stand at INR 34,800-35,000/t, however a few deals reported at INR 34,600-34,700/t exw.
- Ramgarh based manufacturers offered billet at INR 48,400-48,500 and sponge PDRI at INR 34,300-34,400/t exw.
Wire rod
- Mid scale mills wire rod export offers drop by $5-10/t to around $710-715/t exw Durgapur, equivalent to $740-745/t CPT Nepal.
- Trade reference wire rod prices in Raipur dropped by INR 500/t to INR 52,000-52,500/t exw, due to fall in base offers.
- West Bengal based seller concluded around 500 t wire rod deal at INR 52,500-53,000/t exw Durgapur.
- In Heavy structural steel, base price of 150 mm channel is decreased by INR 200/t to INR 55,000/t in Raipur with firm trade discount of around INR 1,000/t. Trade reference price of 200 mm angle is at INR 56,800-57,200/t exw.
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