Indian DRI, billet and re-bar update - 23 Feb

India's induction furnace (IF) steel market remained strong on 23 Feb'22 and offers from the mid-sized mills increased by up to INR 750/tonne (t) ($10) d-o-d.

Sponge iron and billet prices moved up in the range of INR 100-750/t with a major hike of INR 750/t seen in Mandi Gobindgarh. A slight price correction of INR 50-250/t was seen in Rourkela and Durgapur.

Rebar (Fe 500) offers also rose by INR 100-700/t in various regions, with the maximum increase of INR 700/t seen in Ahmedabad, Gujarat. However, prices declined by INR 100/t in Durgapur, West Bengal.

The overall market remained strong throughout the day. Decent semi-finished steel movement was offset by low enquiries for finished long steel products.

On the other hand, West Bengal-based rolling mills were seen settling deals on discounted prices to adjust the increased guage parity burden on buyers.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)