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

India's induction furnace (IF) steel market witnessed negative price trends today, while offers floated by the mills decreased by up to INR 700/tonne (t) d-o-d.

Sponge iron offers fell sharply by INR 100-600/t. The steepest decline of INR 600/t was witnessed in the Raigarh market.

Steel billets prices dropped in the range of INR 100-700/t across regions, with the maximum fall of INR 700/t seen in Mumbai.

Rebar (Fe 500) offers fell by INR 100-600/t across regions. In Mumbai and Raigarh prices dropped INR 600/t d-o-d.

Significant decline in offers resulted from limited buying interest. Sellers are under pressure to liquidate inventory by reducing offers. Therefore, in view of rising inventory and lack of spot demand, sources are expecting prices to remain under pressure in the short term.

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SteelMint's price assessment (Region wise)