Indian DRI, billet and rebar update - 20 Dec

India's induction furnace (IF) steel market moved in a downward direction on 20 December, 2023, across regions as offers floated by the mills dropped in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 100-400/t, with the Bellary market witnessing the steepest fall.

Billet prices declined in the range of INR 50-500/t across all the regions. The sharpest drop was seen in the Hyderabad and Mumbai markets.

Rebar (Fe 500) offers decreased in the range of INR 100-500/t. The sharpest decrease was noticed in the Ahmedabad and Hyderabad markets.

The market sentiment remained dull today as buyers opted for wait-and-watch mode and procured limited material at lowered offer rates, to avoid over-stocking owing to the lack of clarity in the market trend at the moment.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)