Indian DRI, billet and re-bar update - 14, July

India's induction furnace (IF) steel market witnessed negative price trends, while offers floated by mills decreased up to INR 700/tonne (t) d-o-d on 14 July, 2023.

Sponge iron offers dropped INR 100-350/t. The steepest decline was seen in the Raipur market.

Meanwhile, billet prices fell in the range of INR 100-500/t across regions. The sharpest fall was seen in Mandi, Gobindagarh's billet market.

Also, rebar (Fe 500) offers edged down by INR 100-700/t across regions. In Delhi, prices dipped INR 700/t d-o-d.

Semi-finished and finished long steel prices continued on their downward trajectory today as the steel market in north India remained subdued. Spot trades were low as buyers shied away from bulk bookings. Market participants are expecting prices to remain volatile in the coming days.

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SteelMint's price assessment (Region wise)