The Indian induction furnace (IF) steel market remained volatile throughout the day on 24 Nov’21. The prices of the mid-sized mills fluctuated by INR 50-500/tonne (t), d-o-d.
Semi-finished steel (including sponge iron and billet) offers varied by INR 50-500/t. However, a major hike of INR 500/t was seen in Hyderabad’s billet market.
Also, the rebar (Fe 500) market witnessed volatility in prices by INR 100-500/t across locations in the country.
Sources are expecting, semis prices to remain volatile due to subdued demand and sufficient supply in the spot market.
Raw material
- Karnataka based BMM Ispat offered raw pellets at INR 10,700/t exw-Bellary.
Semi-finished
- Induction grade billet export offers stood at around $560/t exw-Durgapur, equivalent to $585/t CPT Nepal.
- Raipur sponge P-DRI offers reported at INR 29,000-29,200/t exw & DAP basis, however bids reported at lessened price by INR 300-400/t.
- Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 500/t to INR 40,000/t exw, however demand remains weak, as per trade sources.
- Durgapur based sponge iron maker concluded around 600 t of PDRI deals at INR 28,700-28,800/t DAP.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 29,000/t FoR Raipur.
- Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 39,200/t FoR Raigarh.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 28,900/t exw Bellary & around 2,000 t deals reported in Hyderabad region.
Wire rod and structure
- Mid scale mills wire rod export offers hovering at $615/t exw Durgapur, equivalent to $640/t CPT Nepal.
- Trade reference wire rod prices in Raipur remains stable at INR 44,800-45,000/t exw, due to increase trade discounts and base offers.
- Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 44,500-44,700/t exw.
- West bengal based sellers sold around 700 t of wire rod at INR 45,200-45,300/t exw Durgapur.
Click here for re-bar brand wise details
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