Indian DRI, billet and rebar update - 23 May

India's induction furnace (IF) steel market prices witnessed negative trends. Offers across mills decreased by up to INR 100-500/tonne (t) d-o-d on 23 May.

Sponge iron prices edged down by INR 100-500/t. Prices witnessed a fall in the Raipur sponge iron market by INR 500/t.

Billet prices fell by INR 100-400/t. Prices dropped by INR 400/t in Raipur's billet market today.

Also, rebar (Fe 500) offers fell in the range of INR 200-400/t. Prices also dropped in Durgapur market by INR 400/t.

The downtrend for prices continued in most of the markets in semi-finished and finished long segments. In fact, trades remained low to moderate as buyers opted a wait-and-watch approach amid bearish market sentiments. Demand for finished steel needs to be on the positive side otherwise market will keep falling like this, sources aware of the development informed SteelMint.

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SteelMint's price assessment (Region wise)