Indian DRI, billet and re-bar update - 2 Dec

The Indian induction furnace (IF) steel market remained dull today on account of poor buying enquiries despite witnessing positive trends in the Mandi Gobindgarh market on 1 Dec'21. Prices of semi-finished steel products of the mid-sized mills fluctuated by INR 50-500/tonne (t), d-o-d.

Indian semi-finished steel (including sponge iron and billet) offers varied in the range of INR 50-500/t in many regions across the country.

Moreover, the re-bar market observed volatility and prices of Fe-500 grade oscillated by INR 100-500/t. However, a major correction of INR 500/t was seen in Raigarh, central India.

Participants are expecting semis prices to remain under pressure in view of subdued demand and sluggish trends prevailing globally.

Raw material

• Jharsuguda based pellet maker offered raw pellets at INR 9,000/t exw.
  
  
• Karnataka based BMM Ispat offered raw pellets at INR 10,000/t exw Bellary.
  
  

Semi finished

• Raipur sponge P-DRI offers reported at INR 28,000-28,200/t, however deals reported at around INR 27,700-28,000/t on exw & DAP basis.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 200/t to INR 38,000/t exw.
  
  
• Induction grade billet export offers stable at around $555/t exw Durgapur, equivalent to $580/t CPT Nepal.
  
  
• Odisha based sponge supplier offered FeM 79 P-DRI at around INR 27,800-27,900/t FoR Raipur.
  
  
• Jharkhand based low carbon billet maker concluded deals of 1,000 t at INR 42,000/t on exw Ramgarh basis.
  
  

Wire rod and structure

• Raigarh based Singhal Steel concluded around 1,000 t deals of wire rod at INR 44,300/t exw.
  
  
• Durgapur wire rod offers increased to INR 45,600-45,800/t, however few deals were noticed at INR 45,300-45,500/t on exw Durgapur basis.
  
  
• In Heavy structural steel, base price of 150 mm channel is declined by INR 500/t to INR 49,500/t in Raipur with firm trade discount of INR 1,700-2,000/t. Trade reference price of 200 mm angle is at INR 50,700-51,100/t exw.
  
  

Click here for re-bar brand wise details