Indian DRI, billet and re-bar update - 23 May
India’s induction furnace (IF) steel market witnessed a sharp decline in prices as offers from the medium-sized mills collapsed by up to INR 4,500/tonne ($58) d...
India's induction furnace (IF) steel market witnessed a sharp decline in prices as offers from the medium-sized mills collapsed by up to INR 4,500/tonne ($58) d-o-d, on 20 May.
Sponge iron and billet prices dropped in the range of INR 200-4,500/t following a sharp correction of INR 4,500/t Gujarat's billet market.
Also, rebar (Fe 500) offers decreased in the range of INR 900-3,800/t across regions. Prices fell sharply by INR 3,800/t in Jalna, Maharashtra.
The overall steel market remained stuck as trade activities were disturbed. Buyers and sellers did not show much interest in average transactions. Market participants are expecting prices to remain under pressure due to the import and export duty revision by the government announced late on 21 May'22.
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SteelMint's price assessment (Region wise)