The Indian induction furnace (IF) steel market witnessed dull sentiments on 25 Oct’21 due to poor spot trading activity, as per SteelMint assessment. Steel prices of the mid-sized mills dropped by up to INR 1,200/tonne (t) ($16) on a day-to-day basis.
Semi-finished steel (including sponge iron and billet) prices decreased by INR 50-900/t in all major regions. However, a slight uptick of INR 100/t was noticed in the billet markets of Rourkela, Raipur and Gujarat, although rebar offers dropped by INR 200-1,200/t. A significant drop of INR 1,200/t was seen in the Delhi/NCR region.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 13,000/t exw.
Semi finished
- Indian IF route billet export offers fell by $5-10/t to $620-625/t exw Durgapur, equivalent to $645-650/t CPT Nepal, via road delivery.
- Sponge P-DRI offers drop by INR 400-500/t to INR 33,500-33,800/t, however deals reported at INR 33,300-33,500/t exw Raipur.
- Steel grade Pig iron offers through the Neo Metaliks reported at INR 46,000/t exw Durgapur.
- West Bengal based producer sold around 500 t sponge PDRI at INR 33,000-33,200/t exw Durgapur basis for near by regions.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 33,000/t exw Jharsuguda.
- Raigarh based steel manufacturers getting pig iron offers at INR 44,500-44,600/t FoR.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 34,500/t exw Bellary.
Wire rod and structure
- Mid scale mills wire rod export offers drop by $10-15/t to around $670/t exw Durgapur, equivalent to $695-700/t CPT Nepal.
- Trade reference wire rod prices in Raipur stood at around INR 49,500-50,000/t exw. Prices in Durgapur fell by INR 700/t to INR 49,500-50,000/t exw.
- In Heavy structural steel, base price of 150 mm channel is declined by INR 500/t to INR 53,500/t in Raipur with firm trade discount of around INR 1,000/t. Trade reference price of 200 mm angle is at INR 55,300-55,700/t exw.
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