Indian DRI, billet and rebar update - 31 Jan

India's induction furnace (IF) steel market saw dull response at prevailing offers. Prices decreased by INR 550/tonne d-o-d on 31 January, 2023.

Sponge iron offers dropped by INR 100-550/t. The highest decline was seen in eastern region's Durgapur market.

Meanwhile, billets prices fell in the range of INR 100-500/t across regions with the maximum fall of INR 300 seen in Jalna and Ramgarh billets market. However, a slight hike of INR 500/t was seen in Chennai market.

In addition, rebars (Fe 500) offers edged down by INR 100-500/t across regions. The highest drop of INR 500/t was seen in Hyderabad and Jalna market.

Trades were limited today with declining prices across the regions, this in turn limited spot trades and softening in offers. Outlook remained unclear among participants. Hence, they are waiting for taking positions for future bookings. Some clarity is expected after tomorrow's budget, SteelMint noted.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)