Indian DRI, billet and rebar update - 11 Dec

India's induction furnace (IF) steel market witnessed a mixed price trend on 11 December, 2023, as offers floated by the mills varied in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied slightly in the range of INR 50-250/t. The Jharsuguda market rose by INR 250/t. However, the Raigarh market fell by INR 150/t.

Billet prices varied in the range of INR 50-300/t. The Rourkela market witnessed a price rise of INR 300/t, while a price drop of INR 100/t was noticed in the Ramgarh and Mumbai markets.

Rebar (Fe 500) offers varied by INR 100-500/t. The Mumbai and Goa markets saw a price hike of INR 300/t. Meanwhile, a price drop of INR 500/t was noticed in the Delhi NCR.

The movement in the spot market remained slow as limited trades were observed today. Participants reported need-based procurement of material as buyers majorly remained silent.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)