Indian DRI, billet and re-bar update - 12 Oct

India's induction furnace (IF) steel market saw a price correction today, as offers from mills fell by up to INR 500/tonne (t) d-o-d.

Sponge iron offers dropped by INR 50-250/t. The sharpest decline of INR 250/t was seen in Durgapur's sponge market.

Billet prices dropped in the range of INR 100-500/t across markets, with the maximum fall of INR 500/t seen in Mandi, Gobindgarh billet market.

Rebar (Fe 500) offers edged down in the range of INR 100-300/t across regions. Prices saw a major drop of INR 300/t in Durgapur, Raipur and Mandi Gobindgarh markets.

With decline in offers as well bids, spot trades also narrowed down in major locations for both semis and finished steel products.

In addition, the majority of participants postponed their buying till they get clarity about price directions, sources informed SteelMint.

Click here for re-bar brand wise details

SteelMint's price assement (Region wise)