Indian DRI, billet and re-bar update - 3'March

India's induction furnace (IF) steel market saw moderate trading activities today, while offers floated by the mills decreased up to INR 500/t on 3 March, 2023.

Sponge iron offers fell sharply by INR 100-300/t. The highest decline of INR 300/t was seen in the Durgapur sponge iron market.

Billet prices dropped in the range of INR 100-500/t across regions, with the maximum fall of INR 500/t seen in south India's Hyderabad billet market.

Also, rebar (Fe 500) offers fell down by INR 100-300/t across regions. The highest drop of INR 300/t was seen in Durgapur.

The market saw a significant decline in offers in all regions amid limited buying. Sellers were under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)