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

India's induction furnace (IF) steel market witnessed mixed trends due to subdued demand on 28 Mar'22 as offers from the mid-sized mills fluctuated in the range of INR 50-1,150/tonne (t) d-o-d.

Sponge iron and billet prices varied in the range of INR 50-1,150/t. However, a sharp fall of INR 1,150/t was observed in Raigarh's sponge iron market.

Also, rebar (Fe 500) offers edged down by INR 200-900/t across regions. Prices fell sharply in Raipur, central India, whereas a marginal hike of INR 300/t was witnessed in Delhi/NCR, north India.

The market witnessed price alterations in some locations due to uncertainty as the current fiscal draws to a close. Market participants are not hoping for a price correction as it is expected that the primary mills will hike offers from April onwards.

Click here for re-bar brand wise details