Indian DRI, billet and rebar update - 23 Jul

India's induction furnace (IF) steel market witnessed a mixed price trend on 23 July, 2024. Offers announced by the mills fluctuated by INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices varied slightly in the range of INR 50-100/t.

On the other hand, billet prices increased by INR 100-300/t across all the regions, except for Mumbai market where a price drop of INR 100/t was noticed.

Rebar (Fe 500) offers varied in the range of INR 100-500/t. Prices is Hyderabad increased by INR 500/t. However, prices dropped by INR 200/t in Mumbai and Mandi Gobindgarh.

Limited trades were observed in the spot market amid fluctuating price trends. Sellers tried to hike offers to create panic in the market and boost sales. However, buyers remained cautious and avoided bulk bookings. Currently, participants await clarity on price trends as the market remains volatile.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)