Indian DRI, billet and rebar update - 12 Jan

India's induction furnace (IF) steel market witnessed positive price trends, while offers across mills increased by up to INR 800/tonne d-o-d on 12 January, 2023.

Sponge iron prices edged up by INR 100-550/t. Prices saw a rise in Durgapur's sponge iron market by INR 550/t.

Billets prices increased in the range of INR 200-800/t. Prices increased by INR 800/t in Jalna's markets today.

In addition, rebars (Fe 500) offers rose in the range of INR 200-700/t. Prices remained elevated in Mandi Gobindgarh's market with INR 800/t.

Overall, market continued to witness an upward trend today in semi-finished and finished long segment because of strong price trend in northern region. Trades were moderate today as no bulk bookings appeared from the buyers' side. Market participants are expecting an improvement in finished long sales in coming days. It is one of the main factors that kept market on the positive side, SteelMint noted.

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SteelMint's price assessment (Region wise)