Indian DRI, billet and rebar update - 1 Aug

India's induction furnace (IF) steel prices witnessed a mixed trend on 1 August, 2024. Offers announced by the mills fluctuated in the range of INR 50-300/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices decreased by INR 100-250/t, with the highest drop seen in the Raipur market.

Billet prices varied by INR 50-300/t, with the sharpest rise seen in Raigarh by INR 200/t while prices decreased in Mumbai and Jalna market by INR 300/t.

Rebar (Fe 500) offers decreased in the range of INR 100-300/t. The sharpest price fall seen in Ahmedabad and Chennai market.

Today, buying enquiries remained subdued in the spot market, thereby weighing on trade. Sellers offered discounts depending on payment and delivery terms. As per market participants, volatility in prices may persist in the near term.

Click here for rebar brand-wise details