Indian DRI, billet and re-bar update - 7 July

India's induction furnace (IF) steel market witnessed negative price trends today. Mills' offers across commodities decreased by up to INR 400/tonne (t) d-o-d.

Sponge iron offers inched down by INR 50-150/t d-o-d with the maximum decline seen in the Raipur, Ramgarh and Durgapur markets.

Meanwhile, billet prices dropped in the range of INR 50-350/t across regions. The maximum fall was seen in the Raipur market.

Also, rebar (Fe 500) offers decreased by INR 100-400/t across regions. The highest drop of INR 400/t was seen in Raigarh.

Semi-finished and finished long steel market sentiments turned negative as the northern market was bearish. Spot trade was moderate as buyers kept themselves away from bulk bookings. Participants are expecting that prices may remain volatile in the coming days.

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SteelMint's price assessment (Region wise)