Indian DRI, billet and re-bar update - 3 Feb

In India's induction furnace (IF) steel market, buyers showed moderate interest at prevailing offers today. Prices decreased up to INR 500/tonne (t) d-o-d on 3 February, 2023.

Sponge iron offers fell by INR 100-200/t. The highest decline of INR 200/t was seen in the Raipur market.

Billet prices dropped in the range of INR 100-500/t across regions, with the maximum fall of INR 500/t in Hyderabad and Raigarh.

Also, rebar (Fe 500) offers fell by INR 200-400/t across regions. The highest drop of INR 400/t was seen in the Raigarh market.

Slower market opening reduced demand for sponge iron, which led to poor buying interest and low demand. Poor movement of finished steel was also a major reason for limited buying today.

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SteelMint's price assessment (Region wise)