Indian DRI, billet and rebar update - 16 Jan

India's induction furnace (IF) steel market witnessed upward price trends, while offers across mills increased by up to INR 1,000/tonne d-o-d on 16 January, 2023.

Sponge iron prices edged up by INR 100-500/t. Prices saw a rise in Durgapur and Hyderabad sponge iron market by INR 500/t.

Billets prices increased in the range of INR 50-600/t. Prices increased by INR 600/t in Ramgarh billet market today.

In addition, rebars (Fe 500) offers rose in the range of INR 100-1,000/t. Prices remained elevated in Durgapur market with INR 1,000/t.

Overall, the market observed subdued buying interest in majority of locations with surge in offers. Participants are assuming that if demand remains same, prices are likely to remain volatile considering sufficient inventories with suppliers.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)