Indian DRI, billet and rebar update - 18 Jul

India's induction furnace (IF) steel prices continued their downward trend on 18 July, 2024. Offers announced by the mills dropped by INR 100-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices decreased in the range of INR 150-300/t. The sharpest decrease was seen in Hyderabad and Raipur markets.

Billet prices decreased by INR 100-500/t. The sharpest decrease was seen in Hyderabad and Mandi Gobindgarh.

Rebar (Fe 500) offers fell in the range of INR 200-500/t and the steepest fall was seen in the Durgapur market.

Market sentiments continued to remain sluggish today amid declining price trends. Buyers chose to stay on the sidelines in anticipation of further drop in offers. Participants expect this trend to continue in the near-term.

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BigMint's price assessment (region wise)