Indian DRI, billet and re-bar update - 8' Aug

India's induction furnace (IF) steel market saw mixed price trends as offers floated by mills varied in the range of INR 50-400/tonne (t) d-o-d on 8 August,2023.

Sponge iron prices fluctuated by INR 50-400/t. Prices decreased by INR 400/t in the Jharsuguda market. while a price rise of INR 250/t was seen in Hyderabad.

Billet prices fell in the range of INR 100-200/t. Prices declined by INR 200/t in Ahmedabad.

Rebar (Fe 500) offers decreased by INR 100-300/t across regions. A price drop of INR 300/t was seen in Durgapur and Raigarh.

The market saw a significant decline in offers in all key markets amid limited buying. Sellers are under pressure to liquidate inventories by reducing offers. Therefore, in view of rising inventory and lack of spot demand, market sources are expecting prices to remain under pressure in the short term.

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SteelMint's price assessment (Region wise)