India: DRI, billet and re-bar update - 30 Dec

The domestic induction furnace (IF) steel market witnessed mixed trends on 30 Dec'21. Steel prices of the mid-sized mills fluctuated in the range of INR 100-550/tonne (t) d-o-d.

Sponge iron prices varied within a range of INR 100-400/t in major markets, with the sharpest fall of INR 400/t seen in Bellary. In contrast, billet prices remained supported today and offers increased by INR 150-550/t across the country.

Re-bar (Fe 500 grade) prices rose by INR 100-400/t except in Rourkela where offers fell slightly by INR 200/t.

Fast movement in semi finished steel in the market was observed due to active buying interest. Market participants don't expect prices to correct sharply. However, the finished long steel market was subdued due to average demand ahead of the New Year and during the year-end holidays.

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SteelMint's price assessment (Region wise)