Indian DRI, billet and re-bar update - 20 May.

India's induction furnace (IF) steel market followed mixed price trends across commodities today. Mills' offers varied by up to INR 500/tonne (t) compared to the previous trading session.

Sponge iron prices decreased in the range of INR 50-300/t with the highest fall seen in the Jharsugda market.

However, a price rise of INR 200/t was seen in Raigarh.

Billet prices fluctuated the range of INR 100-300/t. with the sharpest hike seen in Mandi Durgapur market. Meanwhile, offers dropped by INR 500/t in Chennai.

Rebar (Fe 500) offers also fell by INR 100-300/t. with the Banglore market witnessing the highest drop.

Overall, the IF-route steel (semi-finished and finished longs) market did not see any improvement in prices. Negative sentiments in the northern India market weighed on buying activity as buyers were reluctant to purchase in this highly volatile market. Losses may extend until finished steel demand improves, BigMint notes.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)