Indian DRI, billet and rebar update - 5 Aug

India's induction furnace (IF) steel prices fluctuated on Monday. Offers announced by the mills fluctuated by INR 50-800/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fluctuated by INR 50-250/t. Durgapur markets witnessed a price rise of INR 200/t. However, prices dropped by INR 200/t in Bellary market.

Billet prices have seen a variation in the range of INR 100-250/t, with the sharpest rise in Ramgarh market by INR 250/t. Meanwhile, a drop was noticed in Ahmedabad market by INR 200/t.

Rebar (Fe 500) offers varied in the range of INR 100-800/t, with the sharpest decrease seen in the Jalna market by INR 800/t.

Slow demand has been observed across semi-finished and finished long steel segments. Trading activities were moderate due to highly volatile sentiments and bearish outlook.

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