Indian DRI, billet and rebar update - 22 Dec

India's induction furnace (IF) steel market prices continued following the downward movement on 22 December, 2023, across regions as offers floated by the mills dipped in the range of INR 50-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped in the range of INR 50-300/t. The sharpest drop was seen in Durgapur and Ramgarh markets.

Billet prices decreased in the range of INR 200-400/t. The sharpest decline was seen in the Durgapur market.

Rebar (Fe 500) offers varied in the range of INR 100-400/t. The Mandi (Gobindgarh) market witnessed a drop of INR 400/t. Meanwhile, the Raipur market rose by INR 100/t.

Moderate trades were observed during the second half of the day as buying activities gained pace. As per the market participants, volatility may persist in the near term as market direction remains uncertain at the moment.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)