Indian DRI, billet and re-bar update - 10'Nov.

India's induction furnace (IF) steel market witnessed an upward price trend today, as offers floated by mills rose by INR 700/tonne (t) d-o-d on 10 November, 2023.

Sponge iron prices edged up by INR 350-600/t. Prices rose by INR 600/t in the Jharsugda market.

Billet prices increased by INR 200-500/t. The Chennai, Jalna and Mumbai markets saw an increase of INR 500/t in prices today.

In addition, rebar (Fe 500) offers rose in the range of INR 200-700/t. Prices in Raigarh edged up by INR 700/t d-o-d.

Overall, the semi-finished steel market witnessed a slight hike in offers following the rise in finished steel offers in different regions. Only need-based buying was observed in the market and so trade volumes were moderate, as buyers remained cautious about bulk bookings.

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SteelMint's price assessment (Region wise)