Indian DRI, billet and rebar update - 14 June

India's induction furnace (IF) steel market saw dull response at prevailing offers today. Prices decreased by INR 350/tonne d-o-d on 14 June, 2023.

Sponge iron offers dropped by INR 50-200/t. The highest decline was seen in Jharsuguda, Raigarh and Raipur markets.

Meanwhile, billet prices fell in the range of INR 100-350/t across regions. The maximum fall was seen in Raigarh billet market.

Also, rebars (Fe 500) offers edged down by INR 100-300/t across regions. The highest drop of INR 300/t was seen in Patna and Durgapur.

Billet prices decreased amid falling prices and moderate booking. Demand in finished long was high and hence substantial booking of finished steel was noticed. Northern region market remained slow further impacting the prices.

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SteelMint's price assessment (Region wise)