Indian DRI, billet and re-bar update - 18 Oct

India's induction furnace (IF) steel market witnessed dull sentiments today. Offers from the medium-sized mills fell by up to INR 500/t d-o-d on 18 October 2022.

Sponge iron offers dropped by INR 100-450/t. The highest decline of INR 450/t was seen in the Durgapur sponge market. However, a slight hike of INR 150/t was seen in southern region's Hyderabad market.

Moreover, billets prices fell in the range of INR 150-450/t across regions with the maximum fall of INR 450/t seen in Ramgarh billet market.

Also, rebars (Fe 500) offers edged down in the range of INR 200-500/t across regions. Prices saw a major drop of INR 500/t in Delhi markets.

Overall, the market observed negative price trends and slow trades during the first half today, however, a slight recovery noticed in the late hours. Sources are expecting semis prices to remain under pressure on account of a slight rise in inventories with both semis and finished long steel producers.

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SteelMint's price assement (Region wise)