The Indian induction furnace (IF) steel market continued to remain weak on 26 Oct’21, as steel prices of the mid-sized mills dropped by up to INR 900/tonne (t) ($12) on a day-to-day basis.
Semi-finished steel (including sponge iron and billet) prices decreased by INR 100-900/t in all key markets of the country, with a major fall of INR 900/t seen in Raipur’s sponge iron market.
In addition, rebar offers (Fe 500) fell by INR 200-700/t across locations. However, a sharp fall of INR 700/t was noticed in Durgapur (West Bengal).
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 12,500/t exw.
Semi finished
- Indian IF route billet export offers fell by $10/t to $610-615/t exw Durgapur, equivalent to $640/t CPT Nepal, via road delivery.
- Raipur sponge P-DRI offers fell by INR 800-1,000/t to INR 32,500-32,600/t, however deals reported at INR 32,400-32,500/t on exw & FoR basis.
- Steel grade Pig iron offers through the Neo Metaliks down by INR 400/t to INR 45,600/t exw Durgapur.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 31,800-32,000/t exw Jharsuguda.
- Raigarh based steel manufacturers getting pig iron offers at INR 44,000-44,200/t FoR.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 34,500/t exw Bellary.
Wire rod and structure
- Mid scale mills wire rod export offers drop by $10-15/t to around $655-660/t exw Durgapur, equivalent to $685/t CPT Nepal.
- Trade reference wire rod prices in Raipur fell by INR 1,000/t to INR 49,000/t exw, due to slash in base offers. Prices in Durgapur declined by INR 800/t to INR 48,800-49,000/t exw.
- In Heavy structural steel, base price of 150 mm channel is declined by INR 500/t to INR 53,000/t in Raipur with firm trade discount of INR 1,000-1,200/t. Trade reference price of 200 mm angle is at INR 54,800-55,200/t exw.
Click here for re-bar brand wise details
Leave a Reply