Indian DRI, billet and re-bar update - 13 Oct

The Indian induction furnace (IF) steel market registered a fall in prices on 13 Oct'21. Steel prices of the mid-sized mills dropped by up to INR 700/t ($9) across the country, d-o-d.

As per SteelMint's assessment, semi-finished steel (including sponge iron and billet) prices declined by INR 50-700/t in major markets following a major fall of around INR 700/t seen in Gujarat's billet market.

Also, rebar offers dropped by INR 100-700/t in many regions, however, prices moved up by INR 200-500/t in Mumbai and Chennai's market.

Demand for finished steel products was limited today. East India market was mostly inactive today, on the occasion of Durga puja, SteelMint notes.

Semi finished

• Sponge P-DRI offers in Raipur fell to INR 35,500-35,700/t, however a few bids reported at INR 35,200-35,300/t on exw & FoR Raipur basis.
  
  
• Sources reported Chandrapur (Maharashtra) based manufacturers offered sponge P-DRI (FeM 80) at INR 35,800-36,000/t exw.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 37,000/t exw Bellary.
  
  
• Bellary based Aone Steel has concluded Sponge C-DRI deal for Hyderabad & Goa region at around INR 37,000-37,200/t exw.
  
  

Wire rod and structure

• Trade reference wire rod prices in Raipur fell by INR 500/t to INR 52,500-53,000/t exw due to trade discounts.
  
  
• Heavy structural steel, base price of 150 mm channel offers unchanged at INR 55,000/t in Raipur with firm trade discount of INR 1,000-1,300/t. Trade reference price of 200 mm angle is at INR 56,700-57,000/t exw.
  
  

Click here for re-bar brand wise details