Indian DRI, billet and rebar update - 12 Jan

India's induction furnace (IF) steel market witnessed a mixed price trend on 12 January, 2024, as offers floated by the mills varied in the range of INR 100-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied slightly in the range of INR 100-300/t. The Durgapur and Raigarh markets rose by INR 100/t. However, Odisha's Jharsuguda market fell by INR 300/t.

Billet prices increased in the range of INR 100-250/t, with the Raipur market witnessing the sharpest rise.

Rebar (Fe 500) offers varied by INR 100-500/t. The Muzaffarnagar saw a price hike of INR 200/t. Meanwhile, a price drop of INR 500/t was noticed in Hyderabad.

The market sentiment continued to remain sluggish on weak buying interest. Lack of clarity in the market trend has prompted buyers to stay cautious. As per the participants, volatility in prices may persist in the near term.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)