Indian DRI, billet and rebar update - 21 May
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- Spot market witnesses average trades
- Prices likely to remain range-bound
India's induction furnace (IF) steel prices witnessed a slight variation on 21 May 2024. Offers announced by the mills fluctuated in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dropped by INR 50-250/t, with the Raigarh market witnessing the sharpest drop.
Billet prices varied in the range of INR 50-500/t. Prices in Hyderabad market fell by INR 500/t. Meanwhile, the same increased by INR 200/t in Ahmedabad and Mandi Gobindgarh.
Rebar (Fe 500) offers varied in the range of INR 100-200/t.
Average trades were observed in the spot market today. Suppliers maintained current offer levels, but reduced discounts on bookings as buyers became active and procured material during the second half of the day. As per the participants, prices might remain range-bound in the near term taking into account the current scenario.
Click here for rebar brand-wise details
BigMint's price assessment (Region wise)
