Indian DRI, billet and re-bar update - 1 Dec'22

India's induction furnace (IF) steel market saw mixed price trends on 1 December 2022. Offers varied in the range of INR 50-900/tonne (t) d-o-d.

Sponge iron prices fluctuated in the range of INR 50-300/t. Prices rose by INR 300/t in Raipur market while prices fell by the same quantum in Ramgarh market.

Billets offers varied in the range of INR 200-700/t. The major uptick of INR 700/t was seen in Jalna market.However, a price drop of INR 500/t was seen in Raigarh market.

Also, rebar (Fe 500) prices fluctuated in the range of INR 100-900/t across the regions. Prices rose by INR 900/t in Bangalore market while a price drop of INR 200/t was seen in Durgapur market.

Slow demand has been observed across semi-finished and finished long steel segments. This was due to most buyers being on the sidelines amidst highly volatile prices as they had made sufficient bookings in the last couple of days.

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SteelMint's price assessment (Region wise)