Indian DRI, billet and re-bar update - 14 Oct

The Indian induction furnace (IF) steel market saw a mixed trend on 14 Oct'21 as steel prices of the mid-sized mills fluctuated in the range of INR 50-900/tonne (t) across the country, d-o-d.

As per SteelMint's assessment, sponge iron prices dropped by INR 50-200/t d-o-d. However, domestic billet offers gained by INR 200-900/t in the major markets across the country.

Also, rebar prices increased by INR 100-600/t with a major hike of INR 600/t seen in Delhi/NCR and Muzaffarnagar (north India), while a slight drop of INR 200/t was seen in Raipur (central India).

Comparatively, less trades occurred d-o-d across locations (except in Raipur) as most of the markets in West Bengal, Jharkhand, Odisha and Tamil Nadu were closed today on account of festive season.

Semi finished

• Sponge P-DRI offers in Raipur fell to around INR 35,500/t, however a few deals reported at INR 35,000-35,200/t on exw & FoR Raipur basis.
  
  
• Jindal Steel is offering steel grade pig iron at around INR 45,700/t exw Raigarh.
  
  
• Jsw Ispat Special Products Limited offered sponge P-DRI at INR 35,000/t exw Raipur.
  
  

Wire rod and structure

• Trade reference wire rod prices in Raipur stable at INR 52,800-53,000/t exw, however trades improve amidst optimistic trends, as per participants.
  
  
• Heavy structural steel, base price of 150 mm channel offers decrease by INR 500/t to INR 54,500/t in Raipur with firm trade discount of INR 1,000-1,200/t. Trade reference price of 200 mm angle is at INR 56,200-56,600/t exw.
  
  

Click here for re-bar brand wise details