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

Domestic induction furnace (IF) steel market witnessed a price correction on 28 Jan'22. Offers from mid-sized mills decreased by up to INR 500/tonne (t) ($7/t) d-o-d.

Sponge iron and billets offers declined by INR 50-500/t in many regions across country while offers in a few other markets still remained tight in the range of INR 100-800/t following a major hike of INR 800/t in Bellary sponge iron prices.

Rebar (Fe 500) prices remained mostly stable in most of the locations but a sharp increase of INR 600/t was seen in Chennai (south India).

Overall, the market turned to be less supportive due to limited trades as buyers have been cautious amidst sluggishness in the market. On the other hand, very limited demand has been noticed in the finished long segment.

The market is eying on the budget session which is to be announced next month. In addition, tight raw material prices have held producers to not cut prices rigorously.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)