Indian DRI, billet and rebar update - 6 Jun

India's induction furnace (IF) steel market prices continued the downward trend for third consecutive day on 6 June, 2024. Offers announced by the mills dipped in the range of INR 100-550/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped by INR 150-550/t, with Hyderabad market witnessing the sharpest drop.

Billet prices decreased by INR 100-500/t. The steepest decline was seen in Jalna market.

Rebar (Fe 500) offers fell in the range of INR 100-500/t, except for Chennai market where a price rise of INR 200/t was noticed.

The market sentiment continued to remain gloomy today owing to subdued buying interest at the moment. Sellers were offering discounts as per quantity and payment terms to boost sales. However, buyers chose to stay on the sidelines.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)