Indian DRI, billet and rebar update - 23 Aug

India's induction furnace (IF) steel market prices followed a downward movement on 23 August, 2024. Offers announced by the mills decreased by INR 50-400/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices fell by INR 100-400/t. The steepest fall was seen in Durgapur market.

Billet prices dropped by INR 50-400/t, with the sharpest drop seen in Ahmedabad and Mumbai.

Rebar (Fe 500) offers declined in the range of INR 200-400/t. The sharpest decline was seen the Durgapur market.

Minimal movement was observed in the spot market amid a declining price trend. Buyers remained inactive which forced sellers to reduce rates and offer attractive discounts to liquidate material. However, market sentiment continued to remain sluggish. Currently, participants await clarity on the market direction as prices remained volatile.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)