Indian DRI, billet and rebar update - 21 Feb

India's induction furnace (IF) steel market witnessed a downward price trend on 21 February, 2024, as offers floated by the mills dipped in the range of INR 50-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 50-250/t. The steepest fall was seen in the Durgapur market.

Billet prices dropped in the range of INR 100-300/t. The sharpest drop was seen in the Mumbai market.

Rebar (Fe 500) offers decreased in the range of INR 200-300/t. The sharpest drop was seen in the Muzaffarnagar market.

Sluggish sentiment prevailed in the market today as buyers remained majorly silent. Sellers were offering discounts to liquidate material, but trading activities continued to remain dull.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)