Indian DRI, billet and rebar update - 1 Sep

India's induction furnace (IF) steel market saw mixed trends in prices as offers floated by the mills varied in the range of INR 50-1,200/tonne (t) d-o-d on 1 September, 2023.

Sponge iron prices fluctuated by INR 50-100/t. Prices increased by INR 100/t in Hyderabad and Bellary markets.

In contrast, billet prices varied in the range of INR 100-1,000/t. Prices rose by INR 1,000/t in the Hyderabad market. Meanwhile, prices drop by INR 150/t was noticed in Mandi, Gobindgarh.

Rebar (Fe 500) offers increased by INR 100-1,200/t across regions.with the sharpest hike seen in the Hyderabad market.

The finished longs (rebar) steel market saw moderate demand across the regions and with rising prices in the northern region, steel prices strengthened in the major markets. Participants are expecting that prices will remain in the positive side as raw material prices have increased in recent times, sources informed SteelMint.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)