Indian DRI, billet and rebar update - 18 Dec

India's induction furnace (IF) steel market saw mixed price trends as offers floated by the mills varied in the range of INR 50-400/tonne (t) d-o-d on 18 December, 2023.

Sponge iron prices fluctuated by INR 50-150/t. Prices decreased by INR 150/t in the Raipur market.

Billet prices varied in the range of INR 100-200/t. Durgapur and Ramgarh saw a hike of INR 100/t, while a price drop of INR 200/t was noticed in Mumbai.

Rebar (Fe 500) offers varied by INR 100-400/t across regions. A price decline of INR 400/t was seen in Jalna while prices rose by INR 300/t in Mujaffarnagar.

Trades were limited today with declining prices in the northern region, this in turn limited spot trades and softening in offers in major locations. Outlook remains unclear among participants, hence, they are waiting for taking positions for future bookings, SteelMint noted.

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SteelMint's price assessment (Region wise)