Indian DRI, billet and re-bar update - 2 Nov
The Indian induction furnace (IF) steel market witnessed dull sentiments in terms of price movements on 2 Nov’21. However, in terms of trade, the producers repo...
The Indian induction furnace (IF) steel market witnessed dull sentiments in terms of price movements on 2 Nov'21. However, in terms of trade, the producers reported better demand than yesterday.
Steel prices of the mid-sized mills declined by up to INR 500/tonne (t) ($7) on a day-to-day basis, as per SteelMint assessment.
Semi-finished steel (including sponge iron and billet) offers dropped by INR 100-500/t across all markets in the country with a major fall of INR 500/t seen in Mandi and Bellary.
Also, rebar (Fe 500) offers dropped by INR 100-300/t in many regions, although prices increased in the same proportion in Rourkela and Chennai.
- Jharsuguda based pellet maker sold around 4,000 t raw pellets in Raigarh & local region at INR 12,000/t exw.
- Raipur sponge P-DRI offers fell by INR 300/t to INR 32,600-33,000/t exw, however deals reported at INR 32,500-32,700/t on exw & FoR basis.
- Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 500/t to INR 44,500/t exw.
- West Bengal based sponge iron producer sold around 300 t PDRI at 32,300-32,400/t on FoR Durgapur basis.
- Odisha based sponge supplier offered FeM 79 P-DRI at around INR 32,500-32,700/t FoR Raipur.
Wire rod and structure
- Trade reference wire rod prices in Raipur down by INR 200/t to INR 49,800-50,000/t exw, due to increase in trade discounts.
- Durgapur based wire rod sellers concluded deals of 800 t at 49,200-49,300/t on exw basis.
- Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 49,200/t exw.
- In heavy structural steel, base price of 150 mm channel is stable at INR 53,300/t in Raipur with firm trade discount around INR 1,000/t. Trade reference price of 200 mm angle is at INR 55,100-55,500/t exw.