Indian DRI, billet and re-bar update - 11 Jan

The domestic induction furnace (IF) steel market witnessed a surge in prices on 11 Jan'22. Steel prices of the mid-sized mills increased by up to INR 1,100/tonne (t) ($15/t) d-o-d.

Sponge iron and billet prices rose in the range of INR 300-1,100/t across locations in the country. Billet prices rose sharply by INR 1,100/t in Durgapur.

Re-bar (Fe 500) offers rose in the range of INR 100-700/t in many regions. The sharpest rise of INR 700/t was recorded in Jaipur followed by INR 500/t in Raipur, Rourkela, Durgapur and Hyderabad.

Prices remained strong during the first half today on active demand. However, declining prices in Punjab resulted in limited trades later on in the day, forcing producers to lower offers slightly during the closing hours.

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SteelMint's price assessment (Region wise), Correction*