Indian DRI, billet and rebar update - 5 Jul

India's induction furnace (IF) steel prices fell on 5 July, 2024. Offers announced by the mills edged down by INR 100-800/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices fell by INR 100-450/t, with the steepest fall seen in Ramgarh market.

Billet prices decreased by INR 300-650/t, with the sharpest decrease seen in Mandi Gobindgarh market.

Rebar (Fe 500) offers dropped in the range of INR 200-800/t across regions. The sharpest drop was seen in the Raigarh market.

Minimal movement was observed in the spot market today as buyers remained majorly silent amid declining price trend. Sellers lowered offer prices in order to boost sales, but buyers entered wait-and-watch mode and waited for clarity on the market trend. As per the participants, similar market sentiments may prevail in the near-term.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)