Indian DRI, billet and re-bar update - 1 Jun

India's induction furnace (IF) steel market witnessed negative price trends as offers floated by mills decreased in the range of INR 50-500/tonne (t) d-o-d on 1 June, 2023.

Sponge iron prices edged down by INR 50-250/t. Prices witnessed a decline in the Raigarh market by INR 250/t.

Billet prices fell by INR 50-200/t. Prices decreased by INR 200/t in Jalna's billet market today.

Rebar (Fe 500) offers fell in the range of INR 200-500/t. Prices fell by INR 500/t in the Chennai market.

Prices continued to fall as offers edged lower in most markets due to soft demand. Prices remained rangebound for sponge iron and billet as buyers showed moderate buying interest. Market participants are of the view that prices are expected to edge up from here on as they have already touched the bottom.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)