Indian DRI, billet and re-bar update - 3, August.

India's induction furnace (IF) steel market witnessed an upward trend in prices on 3 August, 2023. Offers floated by mills rose up to INR 1,000/tonne (t) compared to the last trading day.

Sponge iron prices edged up by INR 150-800/t, with the maximum rise of INR 800/t seen in the Jharsuguda market.

Billet prices increased by INR 200-500/t, with the sharpest hike seen in the Hyderabad and Chennai markets.

Meanwhile, rebar (Fe 500) offers rose in the range of INR 100-1,000/t. Prices in Hyderabad climbed INR 1,000/t.

Overall, the semi-finished steel market witnessed a slight rise in offers. Also, price hike was witnessed in the finished steel segment across regions. However, trades were moderate throughout the day, as buyers remained cautious about bulk booking.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)