Indian DRI, billet and rebar update - 4 Jul
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India's induction furnace (IF) steel prices edged lower on 4 July 2024. Offers announced by the mills fluctuated by INR 50-500/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dropped by INR 50-200/t across regions, except in the Raipur market where a slight increase of INR 50/t was noticed.
Billet prices fell by INR 100-500/t. The sharpest fall was seen in the Chennai market.
Rebar (Fe 500) offers decreased in the range of INR 100-400/t, with the steepest fall noticed in Raipur.
The movement in the spot market continued to remain slow today as buyers remained inactive. Sellers not only lowered prices but also offered attractive discounts. Need-based buying were witnessed. As per participants, the market might remain range-bound in the short term.
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BigMint's price assessment (region wise)
