Indian DRI, billet and re-bar update - 6 Jan'23

India's induction furnace (IF) steel market saw weak demand at prevailing offers. Offers decreased by INR 600/tonne d-o-d on 6 January 2023.

Sponge iron offers dropped by INR 100-600/t. The highest decline was seen in the eastern region's Jharsuguda market.

Meanwhile, billets prices fell in the range of INR 100-500/t across regions with the maximum fall seen in the Hyderabad market. However, a price up of INR 500/t was noticed in Southern regions Chennai market.

Also, rebars (Fe 500) offers edged down by INR 100-600/t across regions. The highest drop of INR 600/t was seen in the Muzaffarnagar market.

Participants whose inventory had dried out have started taking positions and were seen actively procuring in the second half of the day. However, due to piled up stock with suppliers (manufacturers), prices showed negative trend, SteelMint notes.

Click here for re-bar brand wise details

SteelMint's price assement (Region wise)