Indian DRI, billet and rebar update - 28 Dec

India's induction furnace (IF) steel market prices followed a downward direction on 28 December, 2023, across regions as offers floated by the mills dropped in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 50-350/t, with the Durgapur and Jharsuguda markets witnessing the steepest fall.

Billet prices declined slightly in the range of INR 100-200/t across all the regions. The sharpest drop was seen in the Raigarh and Durgapur markets.

Rebar (Fe 500) offers decreased in the range of INR 100-500/t. The sharpest decrease was observed in the Jalna market.

Subdued buying interest prevailed in the market today as buyers resorted to need-based material procurement. Participants expect such a volatile trend to continue in the near term.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)