Indian DRI, billet and rebar update - 2 Feb

India's induction furnace (IF) steel market saw negative price trends. Meanwhile, offers across mills decreased by up to INR 700/tonne d-o-d on 2 February, 2023.

Sponge iron offers dropped by INR 100-450/t. The highest decline was seen in the eastern region's Ramgarh and Durgapur markets.

Meanwhile, billets prices fell in the range of INR 100-500/t across regions with the maximum fall of INR 500 seen in Rourkela and Raigarh's billets market.

Also, rebars (Fe 500) offers edged down by INR 200-700/t across regions. The highest drop of INR 700/t was seen in Delhi market.

The market seemed to be losing buying confidence as prices fell. Participants said that buyers opted to wait and watch instead of taking risks, leading to a reduced participation in today's spot market, sources told SteelMint.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)