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

The domestic induction furnace (IF) steel market witnessed dull offers today, although prices remained strong in a few locations across the country. Steel prices of the mid-sized mills declined by up to INR 500/tonne (t) ($7/t) d-o-d.

Sponge iron and billet offers decreased by INR 100-500/t in many regions, whereas a major hike of INR 500/t was seen in Hyderabad's sponge iron market.

Re-bar (Fe 500) prices fluctuated in the range of INR 100-500/t following a maximum rise of INR 500/t in Chennai, south India.

The market remained weak throughout the day. Sources are expecting prices to soften further but due to strengthening raw material prices it is hard for manufacturers to lower prices beyond a limit, SteelMint notes.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)