Indian DRI, billet and rebar update - 10 Feb

India's induction furnace (IF) steel market saw negative price trends. Meanwhile, offers across mills fell by up to INR 700/tonne d-o-d on 10 February, 2023.

Sponge iron offers sharply fell by INR 100-350/t. The highest decline of INR 350/t was seen in the Ramgarh sponge iron market.

Billets prices dropped in the range of INR 100-500/t across regions with the maximum fall of INR 500/t seen in Raipur, Durgapur, Hyderabad and Chennai billets market.

Also, rebars (Fe 500) offers fell by INR 100-700/t across regions. The highest drop of INR 700/t was seen in Mujaffarnagar.

The market saw a significant decline in offers in all regions amid limited buying. Sellers are 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 in short term.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)