The Indian induction furnace (IF) steel market remained dull today on account of poor buying enquiries despite witnessing positive trends in the Mandi Gobindgarh market on 1 Dec’21. Prices of semi-finished steel products of the mid-sized mills fluctuated by INR 50-500/tonne (t), d-o-d.
Indian semi-finished steel (including sponge iron and billet) offers varied in the range of INR 50-500/t in many regions across the country.
Moreover, the re-bar market observed volatility and prices of Fe-500 grade oscillated by INR 100-500/t. However, a major correction of INR 500/t was seen in Raigarh, central India.
Participants are expecting semis prices to remain under pressure in view of subdued demand and sluggish trends prevailing globally.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 9,000/t exw.
- Karnataka based BMM Ispat offered raw pellets at INR 10,000/t exw Bellary.
Semi finished
- Raipur sponge P-DRI offers reported at INR 28,000-28,200/t, however deals reported at around INR 27,700-28,000/t on exw & DAP basis.
- Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 38,000/t exw.
- Induction grade billet export offers stable at around $555/t exw Durgapur, equivalent to $580/t CPT Nepal.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 27,800-27,900/t FoR Raipur.
- Jharkhand based low carbon billet maker concluded deals of 1,000 t at INR 42,000/t on exw Ramgarh basis.
Wire rod and structure
- Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 44,300/t exw.
- Durgapur wire rod offers increased to INR 45,600-45,800/t, however few deals were noticed at INR 45,300-45,500/t on exw Durgapur basis.
- In Heavy structural steel, base price of 150 mm channel is declined by INR 500/t to INR 49,500/t in Raipur with firm trade discount of INR 1,700-2,000/t. Trade reference price of 200 mm angle is at INR 50,700-51,100/t exw.
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