Indian DRI, billet and rebar update - 24 Jun

India's induction furnace (IF) steel prices continued moving south on 24 June, 2024. Offers announced by the mills decreased by INR 100-950/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped by INR 100-700/t , with the Ramgarh market witnessing the sharpest drop.

Billet prices plunged by INR 500-950/t. The sharpest drop was seen in the Raipur and Ramgarh markets.

Rebar (Fe 500) offers fell in the range of INR 100-800/t, with the steepest fall noticed in the Bangalore market.

Minimal movement was observed in the spot market today as buyers chose to stay on the sidelines amid the continuous price declines. Sellers were forced to reduce offers owing to rising inventory with the mills as well as declining sponge iron and billet prices.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)