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

The induction furnace (IF) steel market witnessed thin trading on 20 Dec'21. Prices of semi-finished steel products of the mid-sized mills declined by up to INR 700/tonne (t) ($9/t) d-o-d.

Semi-finished steel (including sponge iron and billet) offers decreased by INR 50-700/t across the country. However a sharp fall of around INR 700/t was observed in in Gujarat and Bellary.

Moreover, re-bar (Fe-500 grade) prices declined by INR 100-600/t, sharply falling in Odisha's Rourkela market.

Buyers are still confused about the continuous fall in semis and finished steel prices. Thus, spot trades continued to remain weak. Furthermore, sources are apprehending that market trends are unlikely to turn positive as finished steel inventory in the system has risen marginally.

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SteelMint's price assessment (Region wise)