Indian DRI, billet and rebar update - 3 July

India's induction furnace (IF) steel market witnessed negative trend in prices. Meanwhile, offers across mills decreased by up to INR 600/tonne (t) d-o-d on 3 July, 2023.

Sponge iron offers dropped by INR 200-300/t. The highest decline was seen in the Raigarh and Durgapur markets.

On the other hand, billet prices dropped in the range of INR 100-600/t across regions. The maximum fall was seen in Raipur billets market.

Also, rebar (Fe 500) offers edged down by INR 100-600/t across regions. The highest drop of INR 600/t was noticed in Raigarh.

Overall, the market observed negative trend in prices and low trade volumes. Sources are expecting semis prices to remain under pressure on account of a slight rise in inventories with both semis and finished long steel producers.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)