Indian DRI, billet and rebar update - 10 May

India's induction furnace (IF) steel prices continued moving south on 10 May 2024. Offers announced by the mills decreased in the range of INR 50-800/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices declined in the range of INR 50-450/t. The sharpest decline was seen in the Ramgarh market.

Billet prices dropped by INR 100-800/t, with the Jalna market witnessing the sharpest drop.

Rebar (Fe 500) offers fell in the range of INR 100-500/t. The steepest fall was seen in the Raigarh and Hyderabad markets.

The sentiment remained dull today as minimal movement was observed in the spot market. Buyers chose to stay on the sidelines owing to a lack of clarity on market trends.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)