Indian DRI, billet and rebar update - 23 Oct

India's induction furnace (IF) steel market prices edged lower on 23 October, 2023, as offers floated by the mills plunged in the range of INR 50-700/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices declined in the range of INR 50-600/t, with Odisha's Jharsuguda market witnessing the sharpest drop.

Billet prices varied in the range of INR 200-550/t. The steepest fall was seen in the Mandi (Gobindgarh) market.

Rebar (Fe 500) offers dropped in the range of INR 100-700/t. The sharpest drop was seen in the Raipur market.

Buying activities remained slow today owing to the festive atmosphere of the market. Further, a price drop in raw materials (pellet and sponge iron) in the Central region prompted a similar trend in semi-finished and finished steel.

Click here for re-bar brand wise details.

SteelMint's price assessment (Region wise)