Indian DRI, billet and re-bar update - 16 May

India's induction furnace (IF) steel market witnessed a downward trend today as offers from the medium-sized mills dropped up to INR 1,500/tonne ($19) d-o-d on 16 May'22.

Sponge iron and billet prices dropped in the range of INR 150-1,500/t following a decline of INR 1,500/t in Raigarh's billet market in central India.

Rebar (Fe 500) offers edged down in the range of INR 100-1,300/t across regions. Prices decreased in the Delhi/NCR market by INR 1,300/t.

The market observed a sharp decline in semi-finished and finished steel offers. Sellers reduced prices due to lacklustre trades throughout the day. Demand for finished steel continues to decline, SteelMint notes.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)