The Indian induction furnace (IF) steel market was witness to dull sentiments on 22 Oct’21 on account of poor spot trading activity, SteelMint notes.
Steel prices of the mid-sized mills dropped by up to INR 1,350/tonne (t) ($18) on a day-to-day basis.
As per SteelMint assessment, semi-finished steel (including sponge iron and billet) prices decreased by INR 200-1,350/t in all the regions following a major fall of INR 1,350/t seen in Rourkela’s billet market. Also, rebar offers dropped by INR 200-1,000/t across the country.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 13,300/t exw.
Semi finished
- Indian IF route billet export offers fell by around $10 at $630-635/t exw Durgapur, equivalent to $660/t CPT Nepal, via road delivery.
- Sponge P-DRI offers stand at INR 34,000-34,500/t, however deals reported at INR 33,500-34,000/t exw & FoR Raipur.
- Jharsuguda, Odisha based sponge supplier offered FeM 79 P-DRI at around INR 34,100/t FoR Raipur.
- Raigarh based steel manufacturers getting pig iron offers at INR 44,300-44,500/t FoR.
- BIOP Steels in South India concluded few deals of FeM 80 C-DRI lumps at INR 36,000/t exw Bellary.
Wire rod and structure
- Mid scale mills wire rod export offers drop by $10/t to around $690-695/t exw Durgapur, equivalent to $715-720/t CPT Nepal.
- Trade reference wire rod prices in Raipur dropped by INR 1,200/t to INR 50,500-51,000/t exw, due to fall in base offers. Also, prices in Durgapur plunged by INR 800/t to INR 51,300-51,500/t exw.
- Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 49,700/t exw.
- In Heavy structural steel, base price of 150 mm channel is decreased by INR 500/t to INR 54,000/t in Raipur with firm trade discount of INR 1,000-1,200/t. Trade reference price of 200 mm angle is at INR 55,800-56,200/t exw.
Click here for re-bar brand wise details
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