Indian DRI, billet and rebar update - 12 Jun

India's induction furnace (IF) steel market witnessed further price correction on 12 June, 2024. Offers announced by the mills decreased in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell by INR 50-300/t, with Ramgarh market witnessing the sharpest fall.

Billet prices dropped by INR 50-500/t. The steepest drop was seen in the Southern region's Chennai and Hyderabad markets.

Rebar (Fe 500) offers dropped in the range of INR 100-300/t across the regions.

The market sentiment continued to remain sluggish today due to lack of buying interest at the moment. Sellers were offering attractive discounts to boost sales. However, movement in the spot market remained slow.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)