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

India's induction furnace (IF) steel market witnessed positive price trends, while offers floated by mills of varying capacities increased by up to INR 1,000/tonne (t) d-o-d on 28 June, 2022.

Sponge iron and billet prices rose in the range of INR 200-1,000/t. Prices increased by INR 1,000/t in Ramgarh's sponge iron market.

Also, rebar (Fe 500) offers surged in the range of INR 200-1,000/t across regions. Prices inched up in Chennai by INR 1,000/t.

The semi-finished and finished long steel markets saw an uptrend in prices across regions. Sellers kept floating offers amid active buying seen throughout the day. Scrap shortage in a few locations in north India played a significant role in keeping prices on the higher side, especially in the recent auctions held in the region. In addition, coal prices too remained firm.

Participants are optimistic due to sufficient orders with a majority of semis producers along with a rebound in prices of domestic melting products such as sponge iron, pig iron and scrap.

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SteelMint's price assessment (Region wise)