Indian DRI, billet and re-bar update - 12' May

India's induction furnace (IF) steel market saw mixed price trends as offers floated by mills varied in the range of INR 50-500/tonne (t) d-o-d on 12 May, 2023.

Sponge iron prices fluctuated within INR 50-350/t. Prices decreased by INR 350/t in the Bellary market. However, prices rose by INR 200/t in Raigarh and Jharsuguda.

Billet prices varied in the range of INR 100-300/t. Prices dropped INR 300/t in Mandi Gobindgarh today.

Rebar (Fe 500) offers fell by INR 100-400/t across regions. Prices rose by INR 400/t in Mumbai. However, a price drop of 300/t was seen in Delhi and Chennai.

Overall, the market saw subdued buying interest in most of the key locations today as offers surged. Market participants are assuming that if demand remains at a more or less similar level, prices are likely to remain volatile in view of sufficient inventories with suppliers.

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SteelMint's price assessment (Region wise)