Indian DRI, billet and rebar update - 12 Jul

India's induction furnace (IF) steel prices witnessed a positive trend on 12 July, 2024. Offers announced by the mills increased by INR 100-600/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices rose by INR 200-500/t, with the highest rise seen in the Ramgarh market.

Billet prices increased by INR 100-600/t, with the sharpest hike seen in Rourkela market.

Rebar (Fe 500) offers increased in the range of INR 200-400/t across all the regions, except in Mumbai where a price drop of INR 200/t were noticed.

Lack of trades were observed in the spot market today despite prices remaining upside. Buyers resorted to need-based purchases at increased prices as they waited for clarity on current market trends. As per the participants, such volatility in prices may persist in the near-term.

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