Indian DRI, billet and re-bar update - 31 Mar

India's induction furnace (IF) steel market struck a dull note on account of moderate demand on 31 Mar'22, as offers from the medium-sized mills declined by up to INR 1,500/tonne (t) ($19) d-o-d.

Sponge iron and billet prices decreased in the range of INR 100-1,500/t following a sharp dip of INR 1,500/t noticed in Hyderabad's billet market in south India.

Also, rebar (Fe 500) offers edged down in the range of INR 100-1,000/t across regions. Prices fell sharply in Delhi/NCR and Jaipur in the north as well as in Raigarh (central region).

Market participants are expecting spot trades to improve soon once the payment cycle normalises as the fiscal year draws to a close.

Also, it is being widely assumed that prices of semis are unlikely to fall further as coal prices are more or less firm. Thus, margins of sponge iron manufacturers are quite low indicating that offers may rebound soon once demand improves.

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SteelMint's price assessment (Region wise)