Indian DRI, billet and rebar update - 19 Jan

India's induction furnace (IF) steel market witnessed downward price trends, while offers across mills decreased by up to INR 700/tonne d-o-d on 19 January, 2023.

Sponge iron prices edged down by INR 50-700/t. Prices saw a fall in Hyderabad's sponge iron market by INR 700/t.

Billets prices fell in the range of INR 50-500/t. Prices decreased by INR 500/t in Hyderabad's billets market today.

Meanwhile, rebars (Fe 500) offers dropped in the range of INR 100-700/t. Prices declined in Muzaffarnagar's market by INR 700/t.

Overall, market went downward again as offers dropped in most of the regions. Sellers reduced offers due to soft demand in both semi-finished and finished long segment. However, price correction was seen in northern region creating some active trades in second half of the day. Participants expect market to remain on the positive side due to rising raw material prices and an increasing steel demand, sources informed SteelMint.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)