Indian DRI, billet and rebar update - 8 Aug
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India's induction furnace (IF) steel prices noticed a fluctuating pattern on Thursday. Offers announced by the mills varied by INR 50-300/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices witnessed a drop of INR 100-150/t across regions, except for the Raipur market where a price rise of INR 50/t was noticed.
Billet prices fell by INR 50-300/t across the locations except in Mumbai market where a rise of INR 200/t was noticed.
Rebar (Fe 500) offers decreased in the range of INR 100-300/t across the regions except in Mumbai and Mandi market where prices inched up by INR 100/t.
Today, it seems that the market is experiencing a slowdown in buying interest, with fewer enquiries and reduced transactional activity in the spot market. Sellers are trying to stimulate demand by offering discounts which vary location wise. The volatility in prices is expected to continue in the near term, according to market participants.
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BigMint's price assessment (Region wise)
