Indian DRI, billet and rebar update - 27 June

India's induction furnace (IF) steel market witnessed a downtrend in prices as offers floated by mills decreased by INR 600/t d-o-d on 27 June, 2023.

Sponge iron offers dropped by INR 100-200/t. The highest decline was seen in the Bellary, Hyderabad, Jharsuguda and Durgapur markets.

Meanwhile, billet prices varied in the range of INR 50-300/t across regions. The maximum fall was seen in Mumbai's billets market.

In addition, rebar (Fe 500) offers edged down by INR 100-600/t across regions. The highest decline of INR 600/t was seen in Mandi Gobindgarh.

Semi-finished and finished long prices continuously showed negative sentiments today as the northern market continued to remain on the lower side. Spot trades were moderate as buyers avoided bulk bookings, SteelMint noted.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)