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

India's induction furnace (IF) steel prices witnessed mixed trends today, with offers from the medium-sized mills varying in the range of INR 50-1,200/tonne d-o-d on 17 May'22.

Sponge iron and billet prices fluctuated in the range of INR 50-1,000/t following a decline of INR 1,000/t seen in Mumbai and Hyderabad's billet market.

Also, rebar (Fe 500) offers edged down in the range of INR 500-1,200/t across regions. Prices decreased in Mumbai by INR 1,200/t.

Overall, the market observed variations in semi-finished offers, while finished long steel product prices decreased across regions.

In terms of demand, there was active participation and a sizeable volume of deals were reported by semis manufacturers based in the central, eastern and southern regions, while finished steel demand remained less-than-average, especially in the north and west of the country.

Trade sources expect that prices will lack support in the days to come as trends remain sluggish globally due to declining raw material prices. In addition, inventories are piling up at the mid-sized mills in India.

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SteelMint's price assessment (Region wise)