Indian DRI, billet and rebar update - 19 Dec

India's induction furnace (IF) steel market followed a negative price trend across commodities today. Mills' offers dropped by up to INR 600/tonne (t) compared to the previous trading session.

Sponge iron prices decreased in the range of INR 100-600/t with the highest fall seen in the Jharsugda market.

Billet prices fell in the range of INR 100-600/t. The highest drop was seen in Bhavnagar.

Rebar (Fe 500) offers also fell by INR 100-400/t with the Mumbai market witnessing the highest drop.

Semifinished and finished long prices experienced negative sentiments today, with the northern market remaining on the lower side. Spot trades were moderate, as buyers refrained from bulk bookings. With the upcoming holiday season, participants anticipate prices to remain volatile in the coming days, as SteelMint notes.

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SteelMint's price assessment (Region wise)