Indian DRI, billet and rebar update - 4 Jun

India's induction furnace (IF) steel market prices followed a downward trend on 4 June, 2024. Offers announced by the mills dropped in the range of INR 150-700/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped by INR 150-600/t, with Durgapur market witnessing the sharpest drop.

Billet prices fell by INR 200-700/t. The steepest fall was seen in Durgapur market.

Rebar (Fe 500) offers decreased in the range of INR 100-500/t. The sharpest decline was seen in Hyderabad and Raigarh markets.

The market sentiment remained sluggish today as buyers stayed majorly silent amid announcement of election results. Currently, participants await clarity on the market direction as uncertainty persists at the moment.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)