Indian DRI, billet and rebar update - 26 Dec

India's induction furnace (IF) steel market prices plunged on 26 December, 2023, across regions as offers floated by the mills declined in the range of INR 100-700/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 200-600/t. The steepest fall was seen in Durgapur market.

Billet prices decreased in the range of INR 200-650/t, with the Durgapur and Mandi (Gobindgarh) markets witnessing the sharpest decline.

Rebar (Fe 500) offers dropped in the range of INR 100-700/t. The sharpest drop was seen in the Durgapur market.

The movement in the spot market remained slow today as buyers continued to stay on the sidelines even at lowered offer rates. Sellers were offering attractive discounts in order to liquidate material, however, limited buying enquiries were reported by the participants.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)