Indian DRI, billet, and rebar update - 1 Oct

India's induction furnace (IF) steel market witnessed a hike in prices today. Mills increased their offers by INR 100-700/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose INR 100-600/t. The highest surge was seen in the Raigarh market.

Billet offers increased by INR 100-700/t across the regions except in Mandi market where prices slightly fell by INR 100/t.

Rebar (Fe 500) prices climbed up by INR 200-600/t. The steepest increase was witnessed in Jalna.

Although steel prices have been on an upward trajectory, today's market was slow, with limited transactions reported. Buyers were cautious about purchasing materials at current prices, preferring to adopt a wait-and-watch approach. Prices are expected to stay range-bound in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)