The Indian induction furnace (IF) steel market continued to remain weak on 8 Nov’21, as steel prices of the mid-sized mills dropped by up to INR 1,000/tonne (t) ($14) 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 Mumbai’s billet market.
In addition, rebar offers (Fe 500) fell by INR 100-1,000/t across locations. However, a sharp fall of INR 1,000/t was noticed in Maharashtra.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 11,800/t exw.
Semi finished
- Raipur sponge P-DRI offers fell at INR 31,500/t exw, however no major deals reported.
- Neo Metaliks in Durgapur offered steel grade pig iron at INR 43,200/t exw.
- BIOP Steels in South India has offered FeM 80 C-DRI lumps at INR 32,800/t exw Bellary.
Wire Rod and Structure
- Trade reference wire rod prices in Raipur fell by INR 800/t to INR 49,000/t exw, due to increase in trade discounts. Also, prices of Durgapur down by INR 600/t to INR 48,200/t exw.
- In Heavy structural steel, base price of 150 mm channel is decreased by INR 500/t to INR 52,500/t in Raipur with firm trade discount of INR 1,300-1,500/t. Trade reference price of 200 mm angle is at INR 54,000-54,400/t exw.
Click here for re-bar brand wise details
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