Indian DRI, billet and re-bar update - 29 Aug

India's induction furnace (IF) steel market witnessed a downward price trend today. Offers floated by mills decreased by up to INR 1,000/tonne (t) d-o-d on 29 August, 2022.

Sponge iron prices fell by INR 200-750/t. Prices dropped by INR 750/t in the Raigarh sponge iron market.

Billet prices dropped in the range of INR 400-1,000/t across regions with the maximum fall of INR 1000/t seen in the Gobindgarh Mandi billets market.

Also, rebar (Fe 500) offers declined in the range of INR 300-1,000/t across regions. The highest fall of INR 1,000/t noticed in the Northern regions Mujaffarnagar market.

The market saw a decline in semi-finished and finished long steel prices amidst dull buying and prevailing sluggish trends. Offers in the northern region showed a persistent decline. Thus, a majority of stockists postponed their buying and opted to wait and watch instead.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise