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

India's induction furnace (IF) steel market today witnessed moderate response from buyers, while offers by the mills decreased by up to INR 700/tonne (t) d-o-d.

Sponge iron offers fell sharply by INR 100-650/t. The highest decline of INR 650/t was seen in Durgapur's sponge iron market.

Billet prices dropped in the range of INR 100-500/t across regions with the maximum fall of INR 500/t seen in Duragpur.

Rebar (Fe 500) offers fell by INR 100-700/t in different regions. The highest drop of INR 700/t was seen in Delhi.

The market saw significant decline in offers amid limited buying. Sellers were under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the short term.

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SteelMint's price assessment (Region wise)