Indian DRI, billet and re-bar update - 20 Apr

India's induction furnace (IF) steel market witnessed a declining trend due to slow demand on 20 Apr'22 as offers from mid-sized mills fell by up to INR 1,000/tonne (t) ($13) d-o-d.

Sponge iron and billets prices dropped in the range of INR 200-1,000/t. However, a major fall was seen in Durgapur's sponge iron market by INR 1,000/t.

Also, rebar (Fe 500) offers moved down in the range of INR 100-1,000/t across regions, following a major drop of INR 1,000/t recorded in Raigarh (central India) and Chennai (southern India).

The market remained silent due to uncertain trends. Buyers seemed less interested in booking new orders due to the sharp fall in prices. However, a few participants assume that semis offers should rebound soon due to tight coal supplies and seasonal decline in production.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)