Indian DRI, billet and re-bar update - 1 April

India's induction furnace (IF) steel market witnessed positive trends on 1 Apr'22, as offers from the medium-sized mills increased by up to INR 1,500/tonne (t) ($19) d-o-d.

Sponge iron and billet prices rose in the range of INR 200-1,100/t following a sharp hike of INR 1,100/t observed in Durgapur and Raipur's billet market.

Also, rebar (Fe 500) offers rose in the range of INR 200-1,500/t across regions. Prices spurted sharply in Raigarh by around INR 1,500/t.

Overall market sentiment remained positive throughout the day as a few deals were heard getting concluded at increased offers in the first half today. However, due to slow demand later in the day, the market started losing strength and the sellers had to slash offers.

Market participants are awaiting the expected price hikes to be announced by the primary mills that are likely to support trade sentiment.

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SteelMint's price assessment (Region wise)