Indian DRI, billet and rebar update - 27 May

India's induction furnace (IF) steel prices dropped further on 27 May 2024. Offers announced by the mills decreased in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell by INR 50-600/t. The sharpest fall was seen in the Odisha's Jharsuguda market.

Billet prices declined in the range of INR 100-500/t, with the Chennai market witnessing the sharpest decline.

Rebar (Fe 500) offers dropped in the range of INR 100-400/t. The steepest drop was seen in the Bangalore market.

Subdued buying interest prevailed in the market today as buyers opted for wait-and-watch approach amid anticipation of further price correction. Suppliers reported need-based material procurement at the moment. As per the participants, such price fluctuations might continue in the near-term.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)