Indian DRI, billet and rebar update - 25 April

India's induction furnace (IF) steel market saw negative trends in prices. Offers across mills fell by up to INR 550/tonne d-o-d, on 25 April, 2023.

Sponge iron offers sharply fell by INR 100-550/t. The highest decline of INR 550/t was seen in Raigarh's sponge iron market.

Billet prices dropped in the range of INR 100-300/t across regions with the maximum fall of INR300/t seen in the Jalna, Mumbai , Chennai and Durgapur billet markets.

Rebar (Fe 500) offers also fell by INR 100-400/t across regions. The highest drop of INR 400/t was seen in Maharashtra's Jalna and Mandi, Gobindgarh.

Billet prices decreased amid falling offers and moderate booking. Demand in finished long was high today. Hence, substantial booking of finished steel was noticed. Northern region market remained slow further impacting prices.

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SteelMint's price assessment (Region wise)