Indian DRI, billet and rebar update - 29 May

India's induction furnace (IF) steel market witnessed downtrend in prices today. Offers across mills decreased by up to INR 100-500/tonne (t) d-o-d on 29 May.

Sponge iron prices fell by INR 100-300/t. Prices witnessed a fall in the Raigarh sponge iron market by INR 300/t.

Billet prices dropped in the range of INR 100-500/t. Prices fell by INR 500/t in the Hyderabad billet market.

Also, rebar (Fe 500) offers decreased in the range of INR 100-400/t. Prices edged down in Muzaffarnagar, Durgapur and Rourkela markets by INR 400/t.

Overall, the market seemed to be losing buying confidence as denoted by falling prices. Participants said that buyers have opted for a wait-and-watch strategy. In addition, buyers are expecting further fall in prices as evident from the sluggish trade seen at current offers.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)