Indian DRI, billet and rebar update - 31 May

India's induction furnace (IF) steel market witnessed negative trends in prices. Offers across mills decreased in the range of INR 50-500/tonne (t) d-o-d on 31 May, 2023.

Sponge iron prices dropped by INR 50-200/t. Prices in Raigarh fell by INR 200/t.

Billet prices dropped by INR 100-500/t. The maximum decline was seen in Hyderabad and

Chennai markets today.

Also, rebar (Fe 500) offers fell in the range of INR 100-500/t. Prices fell by INR 500/t in Hyderabad and Jalna.

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

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)