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

India's induction furnace (IF) steel market witnessed robust sentiments on 24 Feb'22 and offers from the mid-sized mills increased by up to INR 1,500/tonne (t) ($20) d-o-d.

Sponge iron and billet prices moved up in the range of INR 100-1,500/t with a major hike of INR 1,500/t noticed in Hyderabad's billet market.

Rebar (Fe 500) offers also rose by INR 200-1,500/t across all regions following a maximum increase of INR 1,400-1,500/t in Jalna and Hyderabad.

The sustained rise in raw material prices are keeping steel prices strong. Active buying was witnessed in the spot market as buyers seemed to panic apprehending that the Russia-Ukraine war might impact the global and domestic markets, market participants reported.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)