The Indian induction furnace (IF) steel market witnessed a sharp fall in prices on 15 Nov’21. Steel prices of the mid-sized mills declined by up to INR 1,650/tonne (t) ($22/t) on a day-to-day basis.
Semi-finished steel (including sponge iron and billet) offers plunged by INR 600-1,650/t across the country. However, a major fall in prices by around INR 1,600-1,650/t was witnessed at Raipur and Raigarh in central India respectively.
On the other hand, rebar (Fe 500) prices declined by INR 400-1,500/t at different locations, following the sharpest correction of INR 1,500/t in Chennai.
Amidst sluggish trends, prices are on free-fall. Market participants are waiting for stability in prices before taking positions, SteelMint notes.
Semi finished
- Induction grade billet export offers fall to around $570/t exw Durgapur, equivalent to $595/t CPT Nepal.
- Raipur sponge P-DRI offers reported at around INR 29,000/t exw, however a few bids reported lessened by INR 300-500/t as against floated offers.
- Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 300/t to INR 42,700/t exw, however demand remains poor, as per officials.
Wire rod and structure
- Mid scale mills wire rod export offers stood at $615-620/t exw Durgapur, equivalent to $640/t CPT Nepal.
- Trade reference wire rod prices in Raipur fell by INR 800/t to to INR 45,200-45,700/t exw, due to fall in base offers. Also, prices in Durgapur fell by INR 700/t to INR 45,500-45,800/t exw.
- In Heavy structural steel, base price of 150 mm channel decreased by INR 500/t to INR 50,500/t in Raipur today with firm trade discount around INR 1,500/t. Trade reference price of 200 mm angle is at INR 51,700-52,000/t exw.
Click here for re-bar brand wise details
Leave a Reply