Indian DRI, billet and re-bar update - 17 July

India's induction furnace (IF) steel market witnessed mixed price trends on 17 July 2023. Offers across commodities varied in the range of INR 50-500/tonne (t).

Sponge iron prices fluctuated by INR 50-500/t with a rise of INR 500/t seen in Bellary and Hyderabad markets.

Billet prices varied by INR 50-200/t. Prices increased by INR 200/t in Mumbai.

Meanwhile, rebar (Fe 500) offers decreased in the range of INR 100-500/t. Prices edged down in Muzaffarnagar's market by INR 500/t.

IF-route steel prices witnessed a seesaw trend today in the major markets. While semis prices saw an increase in southern and central regions, finished steel prices showed a downtrend in most trading locations. However, spot trade improved amid some positive sentiments in the northern region. The market is likely to remain volatile because of lack of buying interest in finished steel and lower raw material prices, sources informed SteelMint.

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SteelMint's price assessment (Region wise)