Indian DRI, billet and rebar update - 14 Dec

India's induction furnace (IF) steel prices witnessed an upward moment on 14 December, 2023, as offers floated by the mills increased in the range of INR 100-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 100-300/t. The sharpest uptick was seen in the Raigarh market.

Billet prices varied in the range of INR 100-400/t. The Rourkela market went up by INR 400/t. Meanwhile, the Mumbai market dropped by INR 200/t.

Rebar (Fe 500) offers surged in the range of INR 100-500/t, with the Hyderabad market witnessing the sharpest rise.

Moderate bookings were observed in the market today as buyers became active and started procuring material during the second half of the day. However, the lifting of material remains slow, as reported by sellers. However, it varied from region to region.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)