Indian DRI, billet and rebar update - 7 Jun

India's induction furnace (IF) steel market witnessed positive trend in prices. Offers across mills increased by up to INR 100-1,000/tonne (t) d-o-d on 7 June, 2023.

Sponge iron prices rose by INR 50-500/t. Prices witnessed a rise in the Ramgarh's sponge iron market by INR 500/t.

Moreover, billet prices increased by INR 200-600/t. Prices increased by INR 600/t in Ramgarh's billet market today.

Also, rebar (Fe 500) offers increased in the range of INR 100-1,000/t. In addition, prices edged up in Hyderabad's market by INR 1,000/t.

Overall, the market saw an uptrend again and spot trades were moderate as buyers refrained from booking bulk volumes keeping in mind volatility in prices over the last few days. Sources revealed that low steel demand and raw material prices will result in a seesaw trend in prices.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)