Indian DRI, billet and re-bar update - 4 Jul
India’s induction furnace (IF) steel market witnessed mixed price trends, while offers across mills varied in the range of INR 50-700/tonne d-o-d, on 4 July, 202...
India's induction furnace (IF) steel market witnessed mixed price trends, while offers across mills varied in the range of INR 50-700/tonne d-o-d, on 4 July, 2022.
Sponge iron and billet prices moved in the range of INR 50-500/t. Prices plunged by INR 500/t in Chennai's billets market.
Also, rebar (Fe 500) offers varied in the range of INR 200-700/t across regions. Prices fell in Muzzafarnagar market by INR 700/t.
Demand for finished steel products remains moderate on account of slow lifting of material from the retailers-end because of the the heavy rains seen in major states.
While prices of sponge iron continued to remain strong due to higher input costs and seasonal low productivity, this is forcing billet manufacturers to raise their offers to pass on the rising production costs. However, if demands in finished steel does not increase, semis' producers, especially billet manufacturers, will have to adjust their offers or production, sources informed SteelMint.