Indian DRI, billet and rebar update - 10 Jun

India's induction furnace (IF) steel market prices edged lower on 10 June, 2024. Offers announced by the mills dipped in the range of INR 100-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped by INR 150-500/t, with Durgapur market witnessing the sharpest drop.

Billet prices decreased by INR 200-500/t. The steepest decline was seen in Hyderabad market.

Rebar (Fe 500) offers fell in the range of INR 100-600/t, with the Bangalore market witnessing the sharpest fall.

The trading activities remained slow today as buyers remained majorly silent. The current market scenario forced sellers to reduce price or offer discounts in order to liquidate material amid rising inventories in the mills. As per the participants, similar trend might continue in the near-term.

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BigMint's price assessment (Region wise)