Indian DRI, billet and re-bar update - 22 Dec

India's induction furnace (IF) steel market noticed mixed price trends and offers varied in the range of INR 50-350/tonne (t) d-o-d on 22 December, 2022.

Sponge iron prices fluctuated in the range of INR 200-250/t. Meanwhile, a major price hike of INR 250/t was observed in Durgapur market. However, a price drop of INR 200/t was noticed in southern regions Hyderabad and Bellary market.

Moreover, billets offers varied in the range of INR 50-250/t. The major price drop of INR 300/t was seen in Chennai's billets market. However, a price rise of INR 250/t was seen in central regions Raigarh and Raipur market.

Also, rebars (Fe 500) prices fluctuated in the range of INR 50-300/t across the regions. A price fall of INR 300/t was seen in southern region's Bangalore market.

Overall, the market seemed to be losing buying confidence as denoted by the falling prices. Participants stated that buyers have opted a wait-and-watch strategy. In addition, buyers are expecting further fall in prices as less active trade is being noticed on current offers.

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SteelMint's price assement (Region wise)