Indian DRI, billet and re-bar update - 13th Jan

The domestic induction furnace (IF) steel market saw prices heading north on 13 Jan'22. Steel prices of the mid-sized mills increased by up to INR 1000/tonne (t) ($13/t) d-o-d.

Sponge iron and billet offers rose in the range of INR 150-1000/t across locations in the country. However, a sharp hike of INR 1000/t was observed in Hyderabad.

Re-bar (Fe 500) offers increased by INR 100-800/t in many regions following a sharp increase of INR 800/t in Hyderabad, south India.

The overall market witnessed optimistic sentiment, although buyers are hoping prices to soften to encourage demand and bulk trading in the coming days.

On the other hand, continuous hike in pig iron prices in Durgapur are forcing buyers to book semi-finished steel at higher prices. In the finished long segment there is very limited demand from retailers.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)