Indian DRI, billet and rebar update - 22 Jul

India's induction furnace (IF) steel prices edged down further on 22 July, 2024. Offers announced by the mills dropped by INR 100-700/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices decreased in the range of INR 200-550/t. The sharpest decrease was seen in the Ramgarh market.

On the other hand, billet prices decreased by INR 100-700/t. The sharpest decrease was seen in Mandi Gobindgarh and Ramgarh markets.

Rebar (Fe 500) offers fell in the range of INR 100-500/t across the regions.

Minimal movement was evident in the spot market today owing to subdued buying interest. Sellers lowered offers further, taking into account the current market scenario. However, buyers remained cautious and resorted to need-based material procurement. As per the participants, similar trend is likely to prevail in the near-term.

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BigMint's price assessment (region wise)