Indian DRI, billet and rebar update - 2 March

India's induction furnace (IF) steel market witnessed mixed price trends, while offers floated by mills fluctuated in the range of INR 100-300/tonne (t) d-o-d on 2 March, 2023.

Sponge iron prices edged down by INR 50-200/t. Prices dropped in Durgapur's sponge iron market by INR 200/t.

Billets prices varied in the range of INR 50-200/t. Prices increased by INR 200/t in Mumbai and Chennai. However, a price drop of INR 200/t was seen in Raipur market today.

In addition, rebars (Fe 500) offers rose in the range of INR 100-300/t. Prices edged up by INR 300/t in Bangalore.

Overall, the market observed subdued buying interest in majority of locations with reduced offers. Participants are assuming that if demand remains same, prices are likely to remain volatile considering sufficient inventories with suppliers.

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SteelMint's price assessment (Region wise)