Indian DRI, billet and rebar update - 6 April

India's induction furnace (IF) steel market saw mixed price trends as offers floated by mills varied in the range of INR 50-300/tonne (t) d-o-d on 6 April, 2023.

Sponge iron prices fluctuated by INR 50-300/t. Prices fell by INR 300/t in the Jharsuguda market.

Billet prices varied in the range of INR 100-300/t. Prices rose by INR 300/t in Hyderabad. However a price droped by 300/t was noticed in Ramgarh and Raigarh billets market today.

Also, rebar (Fe 500) offers plunged by INR 100-300/t across regions. A price hike of INR 300/t was seen in Jalna.

Slower market opening reduced demand for sponge iron, which led to poor buying interest and slow demand d-o-d. Poor movement of finished steel also stood out as the major reason for limited buying.

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SteelMint's price assessment (Region wise)