Indian DRI, billet and rebar update - 10 Jul

India's induction furnace (IF) steel prices showed a mixed trend on 10 July 2024. Offers announced by the mills fluctuated by INR 50-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron witnessed variation in prices in the range of INR 50-300/t, with the steepest fall of INR 300/t seen in Jharsuguda and a slight increased of INR 100/t in Hyderabad and Bellary market.

Billet prices fluctuated by INR 50-400/t, with the sharpest drop seen in Mandi Gobindagarh by INR 400/t and hike seen in Durgapur Market by INR 350/t.

Rebar (Fe 500) offers varied in the range of INR 100-400/t. The sharpest hike was seen in the Rourkela market while a drop of INR 100/t seen in Raipur.

Limited movements were observed in the spot market today as buyers procured material on the basis of immediate requirements. There is lack of transactions at current price levels and market participants believe similar sentiments may prevail in the near term.

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