Indian DRI, billet and re-bar update - 7 Feb

India's induction furnace (IF) steel market witnessed a reversal in trends on 7 Feb'22 as offers from the mid-sized mills declined by up to INR 600/tonne (t) ($8/t) d-o-d.

Sponge iron and billet prices dropped in the broad range of INR 50-600/t in many regions of the country. Although, a major fall of INR 600/t in billet prices was seen in Rourkela, Odisha.

Rebar (Fe 500) offers decreased in the range of INR 100-400/t at various locations, although a rise of INR 200-400/t was observed in Mandi Gobindgarh and Chennai.

Overall, prices lacked support due to limited trades as buyers turned cautious due to high offers. Market participants are expecting prices to soften further.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)