Indian DRI, billet and re-bar update - 31 July

India's induction furnace (IF) steel market witnessed positive price trends on 31 July 2023. Mills' offers across commodities rose by up to INR 500/tonne (t) compared to the last trading day.

Sponge iron prices edged up by INR 50-250/t with the maximum rise of INR 250/t seen in the Raipur and Bellary markets.

Billet prices increased by INR 100-500/t with the largest hike seen in the Hyderabad market.

Meanwhile, rebar (Fe 500) offers varied in the range of INR 100-200/t. Prices in Raipur and Raigarh went up by INR 200/t.

Active demand in finished steel products was noticed in the central and eastern Indian markets though at lower (firm) offers. Whereas demand remained moderate in other locations, such as western and northern regions, as a result of which, mills kept offers on the lower side, especially of rebars.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)