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

India’s induction furnace (IF) steel market witnessed negative price trends. Offers across mills decreased in the range of INR 50-750/tonne (t) d-o-d on 22 May ...

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BigMint Bureau

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22 May 2023, 19:02 IST

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

India's induction furnace (IF) steel market witnessed negative price trends. Offers across mills decreased in the range of INR 50-750/tonne (t) d-o-d on 22 May '23.

Sponge iron prices went down by INR 100-750/t. Prices in Raipur fell by INR 750/t.

Billet prices dropped by INR 50-300/t. The maximum decline was seen in Ramgarh and Chennai markets today.

Also, rebar (Fe 500) offers slipped in the range of INR 100-600/t. Prices fell by INR 600/t in Raipur.

Overall, the semi-finished and finished longs market continue to remain dull amid sluggish steel demand. Sellers reduced offers in absence of healthy buying while buyers are reluctant to book bulk volumes. Participants are expecting that the market will continue behave like this until steel demand improves.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)