Indian DRI, billet and re-bar update - 24 Dec

The domestic induction furnace (IF) steel market witnessed positive sentiments on 24 Dec'21. Prices of secondary steel products of the mid-sized mills increased by up to INR 1,200/tonne (t) ($16/t) d-o-d.

Sponge iron and billet prices moved up by INR 300-900/t across all locations in the country, following a major hike of around INR 900/t in Durgapur's billet market.

Also, re-bar (Fe 500 grade) prices increased by INR 100-1,200/t in many regions. However, prices rose sharply by INR 1,200/t in Rourkela, eastern India.

Prices rallied on a marginal rise in demand following a spurt in steel prices in Punjab, north India. However, there is a concern among market participants whether current prices would sustain or not, as finished steel demand has weakened on a significant surge in prices, SteelMint notes.

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SteelMint's price assessment (Region wise)