Indian DRI, billet and rebar update - 12 Aug

India's induction furnace (IF) steel market prices moved in an upward direction on 12 August, 2024. Offers announced by the mills increased by INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices increased by INR 50-300/t across regions, except for Odisha's Jharsuguda market where a price drop of INR 100/t was seen.

Billet prices varied by INR 100-500/t. Prices in the Chennai market fell by INR 500/t. However, the same rose by INR 300/t in the Rourkela market.

Rebar (Fe 500) offers upped in the range of INR 100-300/t. The sharpest rise was seen in the Rourkela market.

Limited trades were observed in the market today amid volatile price trends. Sellers were trying to hike offers. However, need-based buying was evident in the market from the buyers' end. Currently, market participants await clarity on the trend and remain cautious before making bulk bookings.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)