Indian DRI, billet and rebar update - 9 June

India's induction furnace (IF) steel market saw dull response at prevailing offers today. Prices decreased by INR 500/tonne d-o-d on 9 June, 2023.

Sponge iron offers dropped by INR 50-150/t. The highest decline was seen in the eastern region's Ramgarh market.

Meanwhile, billet prices fell in the range of INR 100-500/t across regions. The maximum fall was seen in Hyderabad's billet market.

Also, rebars (Fe 500) offers edged down by INR 100-200/t across regions. The highest drop of INR 200/t was seen in Jalna, Mandi, Gibindgarh, Delhi, chennai and Raigarh.

Trades were limited with declining prices in the northern region which, in turn, limited spot trades. Moreover, softening in offers was noticed in major locations. The outlook remains uncertain among participants. Hence, they are waiting to take positions for future bookings.

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SteelMint's price assessment (Region wise)