The induction furnace (IF) steel market remained supported on healthy demand on 8 Dec’21. Steel prices of the mid-sized mills increased by up to INR 1,500/tonne (t) ($20/t), d-o-d.
Indian semi-finished steel (including sponge iron and billet) offers moved up by INR 100-1,500/t across the country following a sharp rise of INR 1,500/t in Hyderabad’s billet market.
Moreover, re-bar offers increased by INR 200-1,100/t across regions. However, a major increase of INR 1,100/t was seen in Raipur, central India.
Prices in Raipur rallied following supply shortage of sponge iron in the spot market. Slight shortage of scrap was also reported in Punjab, north India. This led to a significant surge in offers.
Raw material
- Karnataka based BMM Ispat offered raw pellets at INR 9,600/t exw Bellary.
Semi finished
- Induction grade billet export offers raised by $10 to around $545-550/t exw Durgapur, equivalent to $570-575/t CPT Nepal.
- Raipur sponge P-DRI deals reported INR 27,200-27,700/t on exw & DAP basis, while DR CLO grade sponge traded at INR 31,300-31,400/t exw.
- Neo Metaliks in Durgapur has increased steel grade pig iron offers by INR 300/t to INR 37,500/t exw.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 27,200/t exw Bellary.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,500/t exw Bellary.
- Hare Krishna concluded deals of FeM 79-80 P-DRI in local region at INR 28,500/t exw Bellary.
Wire rod and structure
- Mid scale mills wire rod export offers slightly raised by $5 to $590-595/t exw Durgapur, equivalent to $615-620/t CPT Nepal.
- Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 44,200/t exw.
- In Heavy structural steel, base price of 150 mm channel is stable to INR 48,500/t in Raipur with firm trade discount of INR 1,200- 1,500/t. Trade reference price of 200 mm angle is at INR 50,000-50,400/t exw.
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