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

India's induction furnace (IF) steel market remained dull due to subdued demand on 29 Mar'22 as offers from the mid-sized mills declined by up to INR 1,900/tonne (t) ($25) d-o-d.

Sponge iron and billet prices decreased in the range of INR 100-1,000/t. However, in billet market a sharp fall of INR 1,000/t was observed in Durgapur and Kolkata (West Bengal), whereas offers moved up by INR 200/t in Gujarat.

Also, rebar (Fe 500) offers edged down in the range of INR 100-1,900/t across regions. Prices fell sharply by INR 1,900/t in Jalna, western India.

The approaching fiscal year-end as well as uncertain price movements remained the key factors behind moderate demand in the spot market, sources informed SteelMint.

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