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

India's induction furnace (IF) steel market witnessed prices moving downwards today, while offers from the medium-sized mills fell by up to INR 600/t, d-o-d on 17 October 2022.

Sponge iron offers dropped by INR 100-300/t. The highest decline of INR 300/t was seen in the Jharsugda sponge market.

Billets prices fell sharply in the range of INR 200-600/t across regions with the maximum fall of INR 600/t seen in Mandi, Gobindgarh market in Punjab.

In addition, rebars (Fe 500) offers edged down in the range of INR 100-500/t across regions. Prices saw a major drop of INR 500/t in Hyderabad, Delhi, Mumbai and Mandi, Gobindgarh markets.

The market saw a significant decline in offers in all regions amid limited buying. Meanwhile, sellers are under pressure to liquidate inventories. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the short-term.

Click here for re-bar brand wise details

SteelMint's price assement (Region wise)