Indian DRI, billet and rebar update - 17 Jun

India's induction furnace (IF) steel prices moved south on 17 June, 2024. Offers announced by the mills decreased by INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell by INR 50-350/t, with the Ramgarh market witnessing the sharpest fall.

Billet prices dropped by INR 100-500/t. The steepest drop was seen in Chennai and Ahmedabad markets.

Rebar (Fe 500) offers dropped in the range of INR 100-500/t. The sharpest drop was seen in the Jalna market.

Market sentiments continued to remain gloomy today as buyers chose to stay on the sidelines amid a downtrend in prices. Sellers offered attractive discounts to boost sales, but trading activities did not gain pace. As per participants, a similar trend might continue in the near term.

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BigMint's price assessment (Region wise)