Indian DRI, billet and rebar update - 19 Jun

India's induction furnace (IF) steel witnessed further price correction on 19 June, 2024. Offers announced by the mills dropped by INR 200-800/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped by INR 200-450/t, with Durgapur market witnessing the sharpest drop.

Billet prices fell by INR 200-650/t. The steepest fall was seen in the Raigarh market.

Rebar (Fe 500) offers plunged in the range of INR 300-800/t. The sharpest decline was seen in the Bangalore market.

The market sentiment continued to remain sluggish today as buyers resorted to need-based buying. Sellers lowered offers further to liquidate material but buyers steered clear of bulk bookings at the moment. Market participants expect similar trend to continue in the near-term.

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BigMint's price assessment (Region wise)