Indian DRI, billet and re-bar update - 17 Jun

India's induction furnace (IF) steel market witnessed an uptrend in prices, while offers floated by mills of varying capacities surged up to INR 1,000/tonne d-o-d on 17 June 2022.

Sponge iron and billet prices increased in the range of INR 100-1,000/t following a rise of INR 1,000/t in Hyderabad and Ramgarh's billet markets.

Also, rebar (Fe 500) offers rose in the range of INR 100-1,000/t across regions. Prices increased in Chennai by INR 1,000/t.

Prices rose further on account of improved finished steel demand in major markets.

Sources informed that pre-monsoon demand has resulted in positive trends in the domestic market and healthy orders with semis and finished steel manufacturers in major locations of central, eastern and western India. A slight change in coal prices influenced market participants to book material actively.

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SteelMint's price assessment (Region wise)