Indian DRI, billet and re-bar update - 19 July

India's induction furnace (IF) steel market witnessed downward trends as mills opened offers lower by INR 100-1,000/tonne (t) d-o-d on 19 July, 2022.

Sponge iron and billets prices dropped in the range of INR 200-950/t. The highest fall was noticed in Mandi's billets market.

Also, rebar (Fe 500) offers decreased in the range of INR 100-1,000/t across regions. A sharp decline of INR 1,000/t was seen in Muzaffarnagar market in Uttar Pradesh.

Overall, the market remained dull with lower demand in finished longs (rebar). Rolling mills were forced to increase trade discounts as bids continued to remain low. Despite this, buyers remained on the sidelines as they are still expecting a further price correction.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)