Indian DRI, billet and rebar update - 9 Jul

India's induction furnace (IF) steel market witnessed mixed trends today. Offers floated by the mills fluctuated in the range of INR 50-600/tonne d-o-d on 9 July, 2024.

Sponge iron offers dropped by INR 50-250/t. The highest decline of INR 250/t was seen in the Durgapur market.

Moreover, billet offers varied in the range of INR 50-500/t. The major drop of INR 500/t was seen in Durgapur and Chennai. Meanwhile, Mandi in Punjab witnessed a slight increase of INR 200/t d-o-d.

Rebar (Fe 500) offers edged down in the range of INR 200-600/t across regions. Prices witnessed a major drop of INR 600/t in Durgapur.

The market saw mixed trends prevailing in terms of trading sentiments. Slight improvement was witnessed in buying activities in some locations but still market participants seemed reluctant to procure material in bulk. In the near term, prices are expected to remain rangebound.

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BigMint's price assessment (Region wise)