Indian DRI, billet and rebar update - 6 Feb

India's induction furnace (IF) steel market prices plunged on 6 February, 2024, as offers floated by the mills declined in the range of INR 50-450/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped in the range of INR 50-400/t. The sharpest drop was seen in the Ramgarh market.

Billet prices fell sharply in the range of INR 50-450/t, with the Ramgarh market witnessing the steepest fall.

Rebar (Fe 500) offers dipped in the range of INR 100-300/t. The sharpest drop was seen in Delhi and Mandi (Gobindgarh) markets.

Weak buying interest prevailed in the market which compelled sellers to offer attractive discounts to liquidate material. However, buyers continued to stay on the sidelines owing to a lack of clarity in the market direction.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)