Indian DRI, billet and rebar update - 26 July

India's induction furnace (IF) steel market saw mixed trends in prices as offers floated by the mills varied in the range of INR 50-500/tonne (t) d-o-d on 26 July, 2023.

Sponge iron prices fluctuated by INR 50-400/t. Prices increased by INR 400/t in the Jharsuguda market.

Billet prices varied in the range of INR 100-500/t. Prices declined by INR 500/t in Chennai today.

Rebar (Fe 500) offers were volatile, plunging by INR 100-300/t across regions. A price hike of INR 300/t was seen in Raipur and Raigarh while a price drop of INR 300/t was noticed in Mumbai.

Participants who were dry in terms of inventory, have started taking positions during the second half on Wednesday. However, due to piled up stock with suppliers (manufacturers), the prices showed negative directions, SteelMint noted.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)