Indian DRI, billet and re-bar update -3 Jan'23

India's induction furnace (IF) steel market saw mixed price trends. Offers of the various steel products varied in the range of INR 50-500/tonne (t) d-o-d on 3 January 2023.

Sponge iron prices fluctuated in the range of INR 50-250/t. The maximum hike was seen in the Durgapur market.

Moreover, billets offers remained volatile, varying in the range of INR 50-400/t. The maximum decline of INR 400/t was seen in the Rourkela and Mandi, Gobindgarh market.

Also, rebars (Fe 500) prices fluctuated in the range of INR 200-500/t across the regions. A price hike of INR 500/t was seen in the Hyderabad market while a drop of INR 200/t was noticed in the Rourkela and Raipur markets.

Demand remained subdued in the semi-finished and finished long steel segments. Trading activities were moderate due to highly volatile sentiments and a bearish outlook.

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SteelMint's price assessment (Region wise)