The Indian induction furnace (IF) steel market witnessed volatility in prices on 10 Nov’21. Steel prices of the mid-sized mills fluctuated in the range of INR 50-1,000/tonne (t) on a day-to-day basis.
Semi-finished steel (including sponge iron and billet) offers varied by INR 50-700/t in many regions across the country. However, a major price correction of INR 500-700/t was observed in south India.
In addition, rebar (Fe 500 grade) offers fell by INR 400-1,000/t in major markets, whereas prices moved up by INR 300/t in Mumbai and Jalna.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 11,500/t exw.
- Karnataka based BMM Ispat offered raw pellets at INR 11,600-11,700/t exw Bellary.
Semi finished
- Induction grade billet export offers stable at $585-590/t exw Durgapur, equivalent to $610/t CPT Nepal.
- Raipur sponge P-DRI offers unchanged at INR 30,900-31,200/t exw, however deals reported at INR 30,600-30,800/t on exw & FoR basis.
- Neo Metaliks in Durgapur has reduced steel grade pig iron offers at INR 43,200/t exw.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,700-30,800/t FoR Raipur.
- Ind Synergy offered C-DRI at INR 32,200-32,300/t & billet at INR 43,300/t exw Raigarh.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 32,300/t exw Bellary.
Wire rod and structure
- Mid scale mills wire rod export offers hovering at $640/t exw Durgapur, equivalent to $665/t CPT Nepal.
- Trade reference wire rod prices in Raipur fell by INR 200/t to INR 47,000-47,500/t exw, due to plunged base offers.
- West Bengal based producer concluded 400 t wire rod deals at INR 47,000-47,200/t on exw Durgapur basis.
- In Heavy structural steel, base price of 150 mm channel stable to INR 51,500/t in Raipur with firm trade discount of INR 1,200-1,500/t. Trade reference price of 200 mm angle is at INR 53,300-53,800/t exw.
Click here for re-bar brand wise details
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