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

India's induction furnace (IF) steel market witnessed positive price trends as offers floated by mills increased in the range of INR 150-600/tonne (t) d-o-d on 10 May, 2023.

Sponge iron prices edged up by INR 150-450/t. Prices rose sharply in the Raipur market by INR 450/t.

Billet prices rose in the range of INR 150-500/t. Prices increased by INR 500/t in Durgapur, Chennai and Hyderabad today.

Rebar (Fe 500) offers moved up in the range of INR 300-600/t, as prices in the Jalna market increased by INR 600/t.

Semi-finished steel and finished long steel prices increased today due to bullish sentiments in north India and shortage of scrap in the market. However, despite these factors, the demand for finished steel is still not strong enough, which is likely to lead to continued volatility, sources informed SteelMint.

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SteelMint's price assessment (Region wise)