Indian DRI, billet and rebar update - 12 March

India's induction furnace (IF) steel market prices followed a downward movement on 12 March, 2024, as offers floated by the mills dipped in the range of INR 100-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied in the range of INR 100-200/t. The Durgapur market witnessed a drop of INR 200/t while Orissa's Jharsuguda market increased by INR 200/t.

Billet prices decreased in the range of INR 150-300/t. The steepest fall was seen in Odisha's Rourkela market.

Rebar (Fe 500) offers decreased in the range of INR 100-400/t. The sharpest fall was seen in Goa market.

Limited trades were observed in the market today as need based procurement of material were reported by the participants. Buyers remained cautious as they await clarity on the market direction.

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SteelMint's price assessment (Region wise)