Indian DRI, billet and re-bar update - 23 Jun

India's induction furnace (IF) steel market witnessed positive price trends, while offers floated by the mills increased up to INR 1,300/tonne (t) d-o-d on 23 Jun'22.

Sponge iron and billet prices surged in the range of INR 300-1,250/t. Prices increased by INR 1,250/t in Ramgarh's billet market.

Also, rebar (Fe 500) offers spurted in the range of INR 300-1,300/t across regions. Prices inched up in the Delhi/NCR market by INR 1,300/t.

The market witnessed an increase in semi-finished and finished long steel prices. Sellers kept floating offers amid rising prices in the northern region. However, demand was slightly lower compared to yesterday due to the significant surge in offers amidst fear of prices reversing down on softening steel and scrap prices globally.

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SteelMint's price assessment (Region wise)