Indian DRI, billet and re-bar update - 2'Jan.

India's induction furnace (IF) steel market witnessed an uptrend in prices today. Offers by the mills rose by INR 300/tonne (t) d-o-d on 2 January, 2025.

Sponge iron prices edged up by INR 50-150/t. Prices rose by INR 150/t in the Raipur market.

Billet prices increased by INR 50-250/t. The Rourkela market saw an increase of INR 250/t today.

Rebar (Fe 500) offers varied in the range of INR 100-300/t, with the sharpest decrease seen in the Chennai market by INR 300/t. Meanwhile, prices increased in Raigarh and Mujaffarnagar markets by INR 300/t.

Overall, the market continued to witness an upward trend today in the semi-finished and finished long segments because of strong price trends across regions. Trades were moderate today as no bulk bookings were seen. Market participants are expecting an improvement in finished long steel sales in the coming days.

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BigMint's price assessment (Region wise)