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Indian domestic prices for directly reduced iron (DRI) have increased sharply due to continuing shortages of iron ore and coal.
In the last three weeks DRI prices in local markets have increased by around Rs2,100 ($42) per tonne from Rs24,000-24,200 to Rs21,900-22,000 per tonne ex-works.
The Indian government has ordered coal mines to prioritise supplies for power plants which has limited supply to other industrial end users such as DRI producers.
Recently, it has been very unusual to see DRI prices increase as scrap prices fall, but many billet and ingot manufacturers which use DRI in arc furnaces, are willing to accept higher prices to secure supplies.
DRI producers in Karnataka have also been hit by iron ore shortages caused by the ban on Iron ore mining as the authorities battle to combabt illegal mining and environmental concerns.
