Indian DRI, billet and re-bar update - 9 Nov

India's induction furnace (IF) steel market saw an uptrend in prices and offers rose in the range of INR 50-500/tonne (t) d-o-d on  9 November, 2022.

Sponge iron prices increased by INR 50-350/t across regions, with the maximum hike of INR 350/t seen in the Durgapur market.

Billet prices fluctuated in the range of INR 50-500/t; the maximum rise of INR 300/t was seen in the Mumbai market. However, a major drop of INR 500/t was witnessed in Chennai.

Rebar (Fe 500) offers inched up in the range of INR 100-400/t, with the major rise of INR 400/t seen in the Muzaffarnagar market.

Trades turned slow today on rising prices across regions which, in turn, kept spot trades limited. The outlook remains unclear for buyers and hence they are waiting before taking positions for future bookings, SteelMint notes.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)