Indian DRI, billet and re-bar update - 28 'April

India's induction furnace (IF) steel market saw mixed price trends today. Offers floated by the mills varied in the range of INR 100-400/tonne (t) d-o-d on 28 April, 2023.

Sponge iron prices fluctuated by INR 50-200/t. Prices increased by INR 200/t in the Durgapur market. However, a price decline of INR 200/t was seen in Jharsugda.

Billet prices varied in the range of INR 100-200/t. Prices decline by INR 200/t in the Chennai billets market today.

Also, rebar (Fe 500) offers dropped by INR 100-400/t across regions. Price drop of INR 400/t was seen in Bangalore.

Overall, the market observed downword price trends and low trade volumes. Sources expect semis prices to remain under pressure on account of a slight rise in the inventories of both semis and finished long steels.

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SteelMint's price assessment (Region wise)