The Indian induction furnace (IF) steel market witnessed dull sentiments on 3 Nov’21 due to limited spot trading activity as festive fervour gripped the market, as per SteelMint assessment.
Steel prices of the mid-sized mills dropped by up to INR 1,000/tonne (t) ($13) on a day-to-day basis.
Semi-finished steel (including sponge iron and billet) prices decreased by INR 100-1,000/t in all major regions, with a significant fall of INR 1,000/t seen in the Hyderabad market. However, a slight uptick of INR 200-300/t was witnessed in the billet markets of Chennai and Gujarat.
Rebar offers dropped by INR 100-500/t, although a marginal rise of INR 200/t was seen in the Ahmedabad region.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 12,000/t exw.
Semi finished
- Raipur sponge P-DRI offers fell at INR 32,500-32,700/t exw, however a few deals reported at around INR 32,000-32,100/t exw.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 31,700/t exw Jharsuguda.
- Neo Metaliks in Durgapur has kept steel grade pig iron offers stable at INR 44,500/t exw.
- Raigarh based steel manufacturers getting pig iron offers at INR 43,500/t FoR.
Wire Rod and Structure
- Trade reference wire rod prices in Raipur fell by INR 100/t to INR 49,500-49,800/t exw, due to increase in trade discounts. Also, prices of Durgapur down by INR 500/t to INR 48,800-49,000/t exw.
- In heavy structural steel, base price of 150 mm channel is declined by INR 300/t to INR 53,000/t in Raipur with firm trade discount of INR 800-1,200/t. Trade reference price of 200 mm angle is at INR 54,800-55,200/t exw.
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