Indian DRI, billet and rebar update - 18 March

India's induction furnace (IF) steel market followed mixed price trends across commodities today. Mills' offers varied by up to INR 500/tonne (t) compared to the previous trading session.

Sponge iron prices decreased in the range of INR 50-300/t with the highest fall seen in Raigarh and Hyderabad markets. However, prices rose by INR 300/t in Durgapur.

Billet prices fell in the range of INR 100-400/t. The highest drop was seen in Mandi Gobindgarh.

Rebar (Fe 500) offers also fell by INR 100-500/t with the Hyderabad market witnessing the highest drop. Meanwhile, offers rose by INR 200/t in Durgapur.

Overall, the IF-route steel (semi-finished and finished longs) market did not see any improvement in prices. Negative sentiments in the North India market weighed on buying activity as buyers were reluctant to purchase amid the highly volatile situation. Prices may extend losses until finished steel demand improves, BigMint noted.

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SteelMint's price assessment (Region wise)