Indian DRI, billet and re-bar update - 18 Jul

India's induction furnace (IF) steel market witnessed mixed price trends, while offers floated by the mills varied in the range of INR 100-1,000/tonne (t) d-o-d on 18 July, 2022.

Sponge iron and billet prices fluctuated in the range of INR 100-1,000/t. Prices fell by INR 1,000/t in Mumbai's billet market.

Also, rebar (Fe 500) offers varied in the range of INR 100-1,000/t across regions. Prices witnessed a decline in the Jalna market by INR 1,000/t.

Overall, the market witnessed an uptrend in semi-finished steel prices, especially in the northern, central and eastern regions. However, finished long steel (rebar) offers fell across regions except in north India.

Semis offers rose following a rise in steel prices in the northern region, while dull finished steel sales forced manufacturers to adjust their offers as per buying requirements. This led to a drop in margins of finished steel producers, especially rebar and wire rod producers, SteelMint notes.

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SteelMint's price assessment (Region wise)