Indian DRI, billet and re-bar update - 27 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 1,500/tonne (t) ($20/t) d-o-d.

Sponge iron and billet prices moved up by INR 600-1,500/t across all locations in the country, following a major hike of around INR 1,500/t in Jalna and Chennai.

Also, re-bar (Fe 500 grade) prices increased by INR 400-1,500/t in many regions. However, prices rose sharply by INR 1,500/t in Raipur, Central India.

The market observed an uptrend in the first half; however, later in the day trading activities turned dull. Demand for finished steel products remained limited, resulting in subdued trading in the spot market. Further, there is hope among market participants that IF route steel prices will soften due to poor offtake of finished steel products at prevailing offers.

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SteelMint's price assessment (Region wise)