Indian DRI, billet and re-bar update - 18 July

India's induction furnace (IF) steel market witnessed an upward trend in prices even as offers floated by mills rose in the range of INR 100-500/tonne (t) d-o-d on 18 July, 2023.

Sponge iron prices increased in the range of INR 200-250/t across regions. The maximum rise of INR 250/t was seen in the Raigarh, Ramgarh, Bellary and Hyderabad markets.

Billet prices, too, rose by INR 100-500/t, with the sharpest rise of INR 500/t seen in Jalna's billet market.

Moreover, rebar (Fe 500) offers rose in the range of INR 100-400/t. Prices increased by INR 400/t in Rourkela.

However, despite the faint glimmer of hope following a marginal rise in prices, the market seems to be losing buying confidence. Sources informed that buyers have sufficient material in hand and are expecting a decline in prices on muted trading at current offers.

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SteelMint's price assement (Region wise)