The induction furnace (IF) steel market remained stagnant despite rise in offers on 7 Dec’21. Steel prices of the mid-sized mills increased by up to INR 600/tonne (t) ($8), d-o-d.
Indian semi-finished steel (including sponge iron and billet) prices raised by INR 100-600/t in many locations across the country. However a slight fall of INR 150-250/t was noticed in Bellary and Ramgarh’s sponge market.
Moreover, re-bar offers increased by INR 250-400/t across regions. However, a major fall of INR 500-700/t was seen in Chennai and Ahmedabad.
Market sentiments turned optimistic following a slight improvement in demand for finished products along with pellet export orders, SteelMint notes.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 9,000/t exw (Up by INR 500/t).
- Karnataka based BMM Ispat offered raw pellets at INR 9,400/t exw Bellary.
- Bellary based sponge manufacturer booked RB2 coal at INR 10,100/t ex- Krishnapatnam port.
Semi finished
- Induction grade billet export offers raised by $5 to around $535-540/t exw Durgapur, equivalent to $560-565/t CPT Nepal.
- Bellary based BMM Ispat reported about 2,500 t FeM 80 sponge P-DRI lumps deal to Hyderabad at INR 26,500-26,600/t exw.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 28,200/t exw Bellary.
- Raipur sponge P-DRI offers reported at INR 27,200-27,300/t, however deals reported at around INR 26,800-27,000/t on exw & DAP basis.
- Neo Metaliks in Durgapur has reported steel grade pig iron offers at INR 37,000-37,200/t exw.
- West Bengal based sponge manufacturer sold around 700 t C-DRI (70% lumps, 30% fines) at INR 29,800-30,000/t for local and near by regions on FoR Durgapur basis.
Wire rod and strucutre
- Mid scale mills wire rod export offers slightly raised by $5 to $585-590/t exw Durgapur, equivalent to $610-615/t CPT Nepal.
- In Heavy structural steel, base price of 150 mm channel is stable to INR 48,500/t in Raipur with firm trade discount of around INR 2,000/t. Trade reference price of 200 mm angle is at INR 49,200-49,600/t exw.
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