Indian DRI, billet and rebar update - 21 Feb

India's induction furnace (IF) steel market witnessed positive price trends. Meanwhile, offers across mills increased by INR 400/tonne d-o-d on 21 February, 2023.

Sponge iron prices edged up by INR 50-400/t. Prices saw a rise in Ramgarh's sponge iron market by INR 400/t.

Billets prices increased in the range of INR 100-400/t. Prices rose by INR 400/t in Rourkela market today.

In addition, rebars (Fe 500) offers increased in the range of INR 100-400/t. Prices remained elevated in Mandi, Gobindgarh market with INR 400/t.

Overall, the market seemed to be losing buying confidence as denoted by the falling prices. Participants stated that buyers have opted a wait-and-watch strategy. Buyers are expecting further fall in prices as less active trade is being noticed on current offers.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)