Indian DRI, billet and rebar update - 25 Jun

India's induction furnace (IF) steel prices edged lower on 25 June, 2024. Offers announced by the mills decreased by INR 100-1,150/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped by INR 100-550/t, with the Ramgarh market witnessing the sharpest drop.

Billet prices fell by INR 200-1,150/t. The sharpest fall was seen in Odisha's Rourkela market.

Rebar (Fe 500) offers plunged in the range of INR 100-1,000/t, with the steepest fall noticed in Durgapur market.

The movement in spot market continued to remain slow today as buyers remained inactive. Sellers lowered offers further and were offering attractive discounts. However, limited buying activities were noticed in the market. As per the participants, similar trend might continue in the near-term.

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BigMint's price assessment (region wise)