Indian DRI, billet and rebar update - 21 Mar

India's induction furnace (IF) steel market witnessed a downtrend. Meanwhile, offers across mills dropped by up to INR 1,000/tonne d-o-d on 21 March, 2023.

Sponge iron offers sharply fell by INR 100-500/t. The highest decline of INR 500/t was seen in the eastern region's Jharsuguda sponge iron market.

Billet prices dropped in the range of INR 100-1,000/t across regions with a maximum fall of INR 1,000/t seen in the southern region's Hyderabad billets market.

Also, rebar (Fe 500) offers fell by INR 100-500/t across regions. The highest drop of INR 500/t was seen in Hyderabad, Mandi Gobindgarh, Rourkela and Bangalore.

Active demand for finished steel products was reported in central and eastern India but at lower offers. However, in other locations, demand remained moderate. Hence, prices remained on the lower side, especially of rebars, in the western and northern parts.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)