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

India's induction furnace (IF) steel market witnessed negative price trends, while offers across mills decreased by up to INR 400/tonne d-o-d, on 23 March, 2023.

Sponge iron offers sharply fell by INR 100-300/t. The highest decline of INR 300/t was seen in the Raigarh and Durgapur sponge iron markets.

Billet prices dropped in the range of INR 100-250/t across regions with the maximum fall of INR 250/t seen in Ramgarh and Durgapur in eastern India.

Also, rebar (Fe 500) offers fell by INR 100-400/t across regions. The highest drop of INR 400/t was seen in Raigarh.

The market saw volatility in semi-finished and finished long steel prices amidst moderate buying except in central and eastern regions, where demand for semis and finished steel products remained active and sufficient trades were reported by suppliers.

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SteelMint's price assessment (Region wise)