Indian DRI, billet and rebar update - 16 Apr

India's induction furnace (IF) steel market witnessed a minor correction in prices on 16 April, 2023, across regions as offers floated by the mills declined in the range of INR 100-800/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 500-800/t. The steepest fall was seen in the Durgapur market.

Billet prices dropped in the range of INR 100-700/t. The sharpest drop was seen in the Durgapur market.

Rebar (Fe 500) offers varied in the range of INR 200-700/t. Prices in the Mumbai market rose by INR 300/t. Meanwhile, prices declined by INR 700/t in Odisha's Rourkela market.

Minimal trading activity was observed in the spot market today. Buyers remained cautious and opted for a wait-and-watch attitude amid constant fluctuations in prices. Participants are currently waiting for clearer market indication as volatility persists at the moment.

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BigMint's price assessment (Region wise)