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

India's induction furnace (IF) steel market witnessed prices trending upwards, while offers across mills increased up to INR 2,000/tonne (t) ($26) d-o-d on 3 Jun'22.

Sponge iron and billet prices surged in the range of INR 100-950/t following a rise of INR 950/t seen in Ramgarh's billet market in eastern India.

Also, rebar (Fe 500) offers rose in the range of INR 100-2,000/t across regions. Prices increased in the Muzaffarnagar market by INR 2,000/t.

Overall, the market saw positive trends prevailing in terms of prices and offers while buying interest remained limited. Sellers initially increased offers but buyers remained cautious about major bookings. Market participants are waiting for stability in semis and finished steel prices before taking positions, SteelMint notes.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)