Indian DRI, billet and rebar update -16 March

India's induction furnace (IF) steel market witnessed a downtrend. Offers across mills fell by up to INR 500/tonne d-o-d on 16 March, 2023.

Sponge iron offers sharply fell by INR 100-300/t. The highest decline of INR 300/t was seen in the eastern region's Jharsuguda 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 Jalna and Chennai billets markets.

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

Billets prices decreased amid falling prices and moderate booking. Finished long demand was high. Hence, substantial booking of finished steel took place. The northern region market remained slow further impacting prices.

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SteelMint's price assessment (Region wise)