Indian DRI, billet and rebar update - 8 Jul

India's induction furnace (IF) steel prices edged down further on 8 July, 2024. Offers announced by the mills decreased by INR 100-700/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices fell by INR 100-650/t, with the steepest fall seen in Ramgarh market.

Billet prices decreased by INR 300-700/t, with the sharpest decrease seen in Mandi Gobindgarh and Ramgarh markets.

Rebar (Fe 500) offers dropped in the range of INR 100-500/t across regions. The sharpest drop was seen in the Jalna and Durgapur markets.

Limited buying enquiries were observed in the spot market today. Buyers chose to stay on the sidelines amid continuous declining prices which turned market sentiment sluggish. As per the participants, similar trend may persist in the near-term.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)