Indian DRI, billet and rebar update - 24 July

India's induction furnace (IF) steel market witnessed negative price trends, while offers across mills decreased by up to INR 500/tonne d-o-d on 24 July, 2023.

Sponge iron offers dropped by INR 50-350/t. The highest decline was seen in the Durgapur market.

Meanwhile, billet prices dropped in the range of INR 100-400/t across regions. The maximum fall was seen in Mandi, Gobindgarh billet market.

Also, rebar (Fe 500) offers edged down by INR 100-500/t across regions. The highest drop of INR 500/t was noticed in Mujaffarnagar.

Slower market opening reduced demand for sponge iron, which led to poor buying interest and low demand. Poor movement of finished steel was also a major reason for limited buying today, sources informed SteelMint.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)