Indian DRI, billet and rebar update - 21 Jun

India's induction furnace (IF) steel prices showed slight variation on 21 June, 2024. Offers announced by the mills fluctuated by INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped by INR 50-100/t across regions, except for the Raigarh market where a price rise of INR 150/t was noticed.

Billet prices varied by INR 100-500/t. Prices in Hyderabad market rose by INR 500/t. However, prices dropped by INR 500/t in Jalna.

Rebar (Fe 500) offers varied in the range of INR 100-500/t. Hyderabad and Jalna markets witnessed a price drop of INR 500/t. Meanwhile, prices rose by INR 300/t in Raigarh.

Trading activities continued to remain slow today amid sluggish market sentiment. Buyers remained cautious and adopted a wait-and-watch strategy as prices were further corrected. Currently, market participants expect a similar trend to continue in the near-term.

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BigMint's price assessment (region wise)