Indian DRI, billet and re-bar update - 28 Dec

India's induction furnace (IF) steel market witnessed positive price trends and offers rose in the range of INR 50-800/tonne (t) d-o-d on 28 December, 2022.

Sponge iron prices increased in the range of INR 100-250/t. A major hike of INR 250/t was seen in the Ramgarh market.

Billet offers rise in the range of INR 50-750/t. The sharpest hike in prices of INR 750/t was seen in the Rourkela market.

Also, rebar (Fe 500) prices enched up by INR 200-800/t across regions. A hike of INR 800/t was seen in the northern regions Mujaffarnagar and Delhi market.

Overall, the semi-finished steel market witnessed positive price movements. Trades remained moderate throughout the day as buyers were cautious about bulk bookings. Demand for finished steel is still subdued, which has given rise to volatility in the market.

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SteelMint's price assessment (Region wise)