Indian DRI, billet and re-bar update - 9 Mar

India's induction furnace (IF) steel market remained upbeat on 9 Mar'22. Offers from the mid-sized mills increased by up to INR 2,700/tonne (t) ($35) d-o-d.

Sponge iron and billet prices moved up in the range of INR 300-2,500/t, with a major hike noticed in Mandi, Gobindgarh's billet market.

Rebar (Fe 500) offers also rose in the range of INR 300-2,700/t across regions in the country, following a sharp rise in the Delhi/NCR region, north India.

Average demand was observed for finished longs in the spot market today. However, rising raw materials prices are forcing producers to keep prices high.

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SteelMint's price assessment (Region wise)