Indian DRI, billet and re-bar update - 10 Feb

India's induction furnace (IF) steel market witnessed further price correction on 10 Feb'22. Offers from the mid-sized mills declined by up to INR 700/tonne (t) ($9/t) d-o-d.

Sponge iron and billet prices decreased by INR 50-700/t following a steep drop seen in the billet market in Mandi Gobindgarh, Punjab.

Rebar (Fe 500) offers fell in the range of INR 100-500/t in many regions. On the other hand, a marginal rise of INR 200/t was recorded in Raigarh, central India.

The market remained weak throughout the day. Sources are expecting prices to soften further. However, firm raw material prices are making it hard for manufacturers to lower prices beyond a limit, SteelMint notes.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)