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

India's induction furnace (IF) steel market witnessed negative price trends as offers floated by the mills fell up to INR 1,800/tonne d-o-d on 24 November, 2022.

Sponge iron prices dropped in the range of INR 350-1,500/t. Prices declined in Raigarh's sponge iron market by INR 1,500/t.

Billet prices shrank in the range of INR 500-1,050/t. Prices decreased by INR 1,050/t in Durgapur today.

Also, rebar (Fe 500) offers fell in the range of INR 500-1,800/t across regions. Prices witnessed a reduction in Raipur by INR 1,800/t.

The market is witnessing continuous decline in steel prices in all regions of the country. Prices are going down for semis and finished long steel because of low demand. Steel mills are facing pressure to ramp up sales and are hoping for some price recovery in the coming days if demand for steel products improve.

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SteelMint's price assessment (Region wise)