Indian DRI, billet and rebar update - 9 Aug

India's induction furnace (IF) steel market prices followed a downward movement on 9 August, 2024. Offers announced by the mills decreased by INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices fell by INR 50-350/t. The steepest fall was seen in Raigarh and Ramgarh markets.

Billet prices dropped by INR 200-500/t, with sharpest drop seen in Jalna and Mandi Gobindgarh.

Rebar (Fe 500) offers declined in the range of INR 100-400/t. The sharpest decline was seen in north region's Mandi Gobindgarh and Delhi NCR.

The market sentiment continued to remain sluggish today. Buyers remained majorly silent amid declining price trend. Along with limited new bookings, sellers also reported slow lifting of previously booked material. As per the sources, similar trend might continue in the near-term.

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BigMint's price assessment (region wise)