Indian DRI, billet, re-bar update - 30 Jan

India's induction furnace (IF) steel market witnessed mixed price trends, while offers by the mills fluctuated in the range of INR 100-500/tonne (t) d-o-d on 30 January, 2023.

Sponge iron offers varied in the range of INR 100-300/t. The highest increase of INR 300/t was seen in the Hyderabad market.

Billet prices dropped in the range of INR 100-300/t across regions, with the maximum fall of INR 300/t seen in Ramgarh.

Rebar (Fe 500) offers fluctuated by INR 100-500/t across regions. The highest drop of INR 400/t was seen in Durgapur, Muzaffarnagar and Raigarh, while a major hike of INR 500/t was observed in Hyderabad.

The market saw a significant decline in offers amid limited buying. Sellers are under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in coming term.

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SteelMint's price assessment (Region wise)