Indian DRI, billet and rebar update - 9 May
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India's induction furnace (IF) steel prices edged lower on 9 May 2024. Offers announced by the mills dropped in the range of INR 100-1,000/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices dropped in the range of INR 100-550/t. The sharpest drop was seen in the Durgapur market.
Billet prices fell by INR 200-1,000/t, with the Hyderabad market witnessing the sharpest decline.
Rebar (Fe 500) offers decreased in the range of INR 300-800/t. The steepest fall was seen in the Jaipur market.
Market sentiment continued to remain sluggish today amid declining price trends. Buyers opted for a wait-and-watch attitude in expectation of further correction in prices.
Click here for rebar brand-wise details
BigMint's price assessment (Region wise)
