Indian DRI, billet and rebar update - 18 Jun

India's induction furnace (IF) steel prices continued the downtrend on 18 June, 2024. Offers announced by the mills dropped by INR 100-1,000/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell by INR 150-300/t, with Odisha's Jharsuguda market witnessing the sharpest fall.

Billet prices decreased by INR 100-1,000/t. The steepest drop was seen in the Hyderabad market.

Rebar (Fe 500) offers plunged in the range of INR 100-700/t. The sharpest decline was seen in the Jalna market.

Subdued buying interest prevailed in the market today as buyers remained majorly silent which led to a further drop in prices. A similar trend in sponge iron and steel billet also prompted the current scenario. As per the participants, similar trend might continue in the near-term.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)