Indian DRI, billet and rebar update - 8 Feb

India's induction furnace (IF) steel market saw weak response across India on offers that prevailed today. Prices saw a decrease up to INR 600/tonne (t) d-o-d on 8 February, 2023.

Sponge iron offers fell by INR 50-300/t. The highest decline of INR 300/t was seen in the central region's Raigarh sponge iron market.

Billet prices dropped in the range of INR 200-500/t across regions with the maximum fall of INR 500/t seen in Hyderabad and maharshtras,Mumbai and Jalna billet market.

Also, rebars (Fe 500) offers fell by INR 100-600/t across regions. The highest drop of INR 600/t was seen in Raipur market.

Overall, market continued to witness a downtrend today in semi-finished and finished long segment because of lower price trend across the region. Trades were moderate today as no bulk bookings appeared from the buyers' side. Market participants are expecting an improvement in finished long sales in upcoming days , SteelMint noted.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)