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

India's induction furnace (IF) steel market remained sluggish due to subdued demand on 11 Mar'22. Offers from the mid-sized mills decreased by up to INR 1,200/tonne (t) d-o-d.

Sponge iron and billet prices declined in the range of INR 50-1,200/t, with a major fall seen in Bellary's (south India) sponge iron market.

Rebar (Fe 500) offers dropped in the range of INR 100-1,100/t across regions. On the other hand, a sharp rise of INR 300-1,000/t was observed in Delhi/NCR and Muzaffarnagar, north India.

Buyers remained cautious as overall sentiments continued to remain dull today. Weak buying enquiries for finished steel and the drop in semi-finished steel prices impacted demand.

Sources said that trade activities are likely to remain muted due to the upcoming Holi festival.

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SteelMint's price assessment (Region wise)