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You can create a lookup dict with just one query. Then use that dict to find your description.
description_dict = {}
for product in Product.objects.values('short_code', 'description'):
description_dict[product['short_code'] = product['description']
for i, v in df["D Code"].iteritems():
product.append(description_dict[v[:2]])
...
Source:stackexchange.com