Indian DRI, billet and rebar update - 3 Jul

India's induction furnace (IF) steel prices showed some variations on 3 Jul, 2024. Offers announced by the mills fluctuated by INR 50-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fluctuated in the range of INR 50-250/t across regions. Prices in Raipur dropped INR 250/t while rising by INR 200/t in Ramgarh, Jharkhand.

Billet prices dropped INR 150-600/t across markets, with the sharpest drop being seen in Durgapur, WB.

Rebar (Fe 500) offers fell in the range of INR 200-500/t in most markets, with the exception of Hyderabad where prices rose by INR 500/t.

Trading activities continued to remain slow today amid subdued market sentiment. Buyers remained cautious and adopted a wait-and-watch strategy. As per market participants, such fluctuation in prices might continue in the near term.

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BigMint's price assessment (region wise)