Indian DRI, billet and re-bar update - 21 Aug

India's induction furnace (IF) steel market saw mixed price trends as offers floated by the mills varied in the range of INR 50-500/tonne (t) d-o-d on 21 August,2023.

Sponge iron prices decreased by INR 50-500/t and in the Raigarh and Jharsugda markets, by INR 500/t in particular.

Billet prices varied in the range of INR 200-500/t. The Mumbai market saw a fall of INR 500/t.

Rebar (Fe 500) offers plunged by INR 100-500/t across regions. A price hike of INR 500/t was seen in Chennai. However, the Delhi market recorded a price drop of INR 400/t.

Overall, the market appeared to be losing buyers' confidence, as evidenced by declining prices. Buyers, according to participants, have chosen a wait-and-see strategy. Furthermore, purchasers anticipate further price declines, as seen by the current sluggish trade.

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SteelMint's price assessment (Region wise)