Indian DRI, billet and re-bar update - 30 May

India's induction furnace (IF) steel market witnessed a positive trend. Offers through mid-sized mills increased by up to INR 1,400/tonne ($18/t) d-o-d on 30 May 2022.

Sponge iron and billet prices rose in the range of INR 200-1,400/t following a major hike of INR 1,400/t seen in Durgapur's (West Bengal) sponge iron market.

Also, rebar (Fe 500) offers moved up by INR 300-1,300/t across various regions whereas prices fell by INR 500/t in the Chennai market (southern India).

A sudden hike in active trade deals, drove the market on the higher side. Participants stated that the market remained disturbed due to GST checking in Mandi Gobindgarh. As a result, furnace owners were forced to increase offers, leading to price rise across regions.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)