The Indian induction furnace (IF) steel market continued to remain weak on 9 Nov’21, as steel prices of the mid-sized mills dropped by up to INR 1,000/tonne (t) ($13) on a day-to-day basis.
Semi-finished steel (including sponge iron and billet) prices decreased by INR 300-1,000/t nationwide, with a major fall of INR 1,000/t noticed in eastern, central, western and southern regions.
In addition, rebar (Fe 500 grade) offers fell in the range of INR 200-1,000/t in markets across the country. However, a sharp fall of INR 1,000/t was witnessed in Muzaffarnagar, Durgapur and Hyderabad.
Raw material
- Jharsuguda based pellet maker offered raw pellets at INR 11,500/t exw (Down by INR 300/t).
- Karnataka based BMM Ispat offered raw pellets at INR 11,600-11,700/t exw Bellary.
Semi finished
- Induction grade billet export offers stood at $585-590/t exw Durgapur, equivalent to $610/t CPT Nepal.
- Raipur sponge P-DRI offers fell by INR 700/t to INR 30,900-31,200/t exw, however deals reported at INR 30,600-30,800/t on exw & FoR basis.
- Neo Metaliks in Durgapur has reduced steel grade pig iron offers at INR 43,500/t exw.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 30,700-30,800/t FoR Raipur.
- Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge C-DRI (FeM 80) at INR 33,300/t exw.
- BMM Ispat offered FeM 80 P-DRI lumps at INR 31,500/t exw Bellary.
Wire rod and structure
- Mid scale mills wire rod export offers reported at $640-645/t exw Durgapur, equivalent to $665-670/t CPT Nepal.
- Trade reference wire rod prices in Raipur fell by INR 1,300/t to INR 47,300-47,700/t exw, due to increase in trade discounts and decline in base offers. Also, prices in Durgapur fell by INR 900/t to INR 47,000-47,500/t exw.
- In heavy structural steel, base price of 150 mm channel is declined by INR 1,000/t to INR 51,500/t in Raipur with firm trade discount around INR 1,000/t. Trade reference price of 200 mm angle is at INR 53,500-53,900/t exw.
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