Indian DRI, billet and rebar update - 19 May

India's induction furnace (IF) steel market witnessed negative price trends. Offers across mills decreased by up to INR 50-500/tonne d-o-d on 19 April, 2023.

Sponge iron prices fell by INR 50-300/t. Prices witnessed a fall in Raigarh sponge iron market by INR 300/t.

Billet prices dropped in the range of INR 100-500/t. Prices fell by INR 500/t in the Mumbai billet market today.

Also, rebar (Fe 500) offers dropped in the range of INR 100-300/t. Prices edged down in Mumbai and Rourkela markets by INR 300/t.

Overall, the market observed negative price trends and low trades. Market participants are expecting semis prices to remain under pressure on account of a slight rise in inventories with both semis and finished long steel producers.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)