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

India's induction furnace (IF) steel market saw prices edging lower on 3 Feb'22, as offers from the mid-sized mills drifted down by up to INR 1,000/tonne (t) ($13/t) d-o-d.

Sponge iron and billet prices declined in the range of INR 100-1,000/t in different markets across the country. However, a major drop of INR 1,000/t in billet prices was seen in Hyderabad.

Rebar (Fe 500) offers fell in the range of INR 100-500/t across regions, whereas prices gained INR 200/t in Maharashtra's Jalna and Mumbai markets.

The market observed a slight correction today even as persistent rainfall in the northern region triggered logistics disruptions, with pig iron, coal and pellet prices witnessing an uptrend amid price corrections in other commodities.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)