Indian DRI, billet and re-bar update - 22 Nov

The Indian induction furnace (IF) steel market witnessed poor demand on 22 Nov'21 and prices of the mid-sized mills dropped by up to INR 1,300/tonne (t) ($17), d-o-d.

Semi-finished steel (including sponge iron and billet) offers declined by INR 100-1,300/t, with a major fall of INR 1,300/t noticed in Gujarat's billet market.

Also, the rebar (Fe 500) market witnessed correction in prices by INR 100-900/t across locations in the country following a major drop of INR 700-900/t in Muzaffarnagar and Raigarh.

Semi finished

• Raipur sponge P-DRI offers reported at around INR 29,500/t exw, however a few bids reported lessened by INR 400-500/t as against floated offers.
  
  
• Neo Metaliks in Durgapur has reduced steel grade pig iron offers by INR 500/t to INR 40,500/t exw.
  
  
• Raigarh based steel manufacturers getting pig iron offers from Odisha at INR 39,600-39,700/t FoR Raigarh.
  
  
• Jharkhand based manufacturer sold around 500 t low carbon billet at INR 43,000/t exw Ramgarh.
  
  
• BMM Ispat offered FeM 80 P-DRI lumps at INR 29,100/t exw Bellary & around 2,000 t deals reported in Hyderabad region.
  
  

Wire rod and structure

• Trade reference wire rod prices in Raipur dropped by INR 900/t to INR 44,800-45,000/t exw. Also, Durgapur wire rod offers fell by INR 500/t to INR 45,300-45,000/t exw.
  
  
• Raigarh based Singhal Steel concluded around 500 t deals of wire rod at INR 45,000/t exw.
  
  
• In Heavy structural steel, base price of 150 mm channel is stable to INR 50,500/t in Raipur with firm trade discount of INR 1,500-1,700/t. Trade reference price of 200 mm angle is at INR 51,900-52,300/t exw.
  
  

Click here for re-bar brand wise details