The Indian induction furnace (IF) steel market continued to remain dull on 21 Oct’21 as steel prices of the mid-sized mills dropped INR 600/tonne (t) ($8) across the country, d-o-d.
As per SteelMint assessment, semi-finished steel (including sponge iron and billet) prices declined sharply by INR 50-500/t at all locations. However, prices inched up INR 150-600/t in the Durgapur sponge iron market as well as Mumbai’s billet market.
In addition, rebar prices decreased by INR 100-600/t across the country following a major drop of INR 600/t in central India (Raipur).
Amidst the disparity between bids and offers followed by low demand, prices kept falling continuously, SteelMint notes.
Semi finished
- Indian IF route billet export offers reported at $635-640/t exw Durgapur, equivalent to $660-665/t CPT Nepal, via road delivery.
- Sponge P-DRI offers stand at INR 34,500-34,800/t exw & FoR Raipur, however a few bids reported at lessened price by INR 500-700/t compared to the offers.
- Billet offers stood at INR 48,300-48,500/t exw Ramgarh, meanwhile few deals concluded at INR 48,200/t for 500 t in local region.
Wire rod and structure
- Mid scale mills wire rod export offers drop by $10/t to around $700-705/t exw Durgapur, equivalent to $730/t CPT Nepal.
- Trade reference wire rod prices in Raipur dropped by INR 500/t to INR 51,500-52,000/t exw, due to increase in trade discounts. Also, prices in Durgapur plunged by INR 700/t to INR 52,000-52,300/t exw.
- West Bengal’s renowed wire rod producrer concluded around 400 t of deal at INR 52,000-52,300/t in near by region.
- Raipur based few heavy structural steel manufacturers observed improve buying enquiries specifically towards western region(Mumbai). However, base price of 150 mm channel is decreased by INR 500/t to INR 54,500/t d-o-d basis with a firm trade discount of INR 1,000-1,300/t. Trade reference price of 200 mm angle is at INR 56,300-56,700/t exw.
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