Indian DRI, billet, rebar update - 16 May

• Market sees need-based buying, limited inquiries
  
  
• Prices expected to remain volatile in near term
  
  

India's induction furnace (IF) steel market witnessed volatility d-o-d, with mills' offers increasing by INR 100-300/tonne (t) d-o-d in certain regions but decreasing by INR 200/t in others.

Sponge iron prices climbed up by INR 100/t d-o-d, except in Bellary, which witnessed a fall of INR 100/t.

Billet tags rose by INR 50-200/t d-o-d, with the highest increase of INR 200/t noted in Hyderabad. Except in Jalna, which witnessed a fall of INR 200/t

Rebar (Fe 500) prices gained by INR 100-300/t d-o-d, with the sharpest rise of INR 300/t recorded in Rourkela. However, prices fell by INR 100/t d-o-d in Raigarh.

Today, there was a lack of buying inquiries, and only need-based buying was seen. Sellers adjusted trade discounts depending on payment and delivery terms. As per participants, prices are likely to remain volatile in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)