Indian DRI, billet and re-bar update - 1 Nov

The Indian induction furnace (IF) steel market witnessed volatility in prices on 1 Nov'21, as per SteelMint assessment. Steel prices of the mid-sized mills fluctuated in the range of INR 50-500/tonne (t) on a day-to-day basis.

Indian sponge iron offers fluctuated by INR 50-300/t in all the markets. On the other hand, billet prices moved up in the range of INR 100-300/t across locations.

In addition, rebar (Fe 500) offers dropped by INR 100-500/t in major markets, except Mandi and Delhi/NCR where prices increased by INR 200-300/t.

Most market players are on the sidelines due to the festive season. However, market participants told SteelMint that finished steel demand is expected to rebound after the Diwali holidays.

Semi finished

• Raipur sponge P-DRI offers were stable at INR 33,000/t exw, however a few bids reported at slightly low price by INR 200-300/t compared to the offers.
  
  
• Rourkela based manufacturer, Mahavir Ferro Alloys concluded around 500 t deals of billet (125*125)at INR 46,000/t exw.
  
  
• Raigarh based steel manufacturers getting pig iron offers at INR 43,800/t FoR.
  
  
• Neo Metaliks in Durgapur has kept steel grade pig iron price firm to INR 45,000/t exw, however no deals reported from officials.
  
  

Wire Rod and structure

• Jharsuguda, Odisha based steel manufactures concluded around 1,000 t 5.5mm wire rod deals at INR 49,600/t exw.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 49,300/t exw.
  
  

Click here for re-bar brand wise details