Indian DRI, billet and rebar update - 15 Apr

India's induction furnace (IF) steel market witnessed a spike in prices on 15 April, 2024, as offers floated by the mills increased in the range of INR 1,000-2,500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 1,500-2,000/t. The sharpest rise was seen in the Odisha's Jharsuguda market.

Billet prices increased in the range of INR 1,000-2,000/t. The sharpest rise was seen in the Hyderabad and Ramgarh markets.

Rebar (Fe 500) offers surged in the range of INR 1,000-2,500/t, with the Raigarh market witnessing the sharpest increase.

Average trading activities were observed in the spot market today. A sudden hike in prices created panic among buyers owing to which they booked material hurriedly, although the volumes varied from region to region. Participants await clarity in market trends as uncertainty persists at the moment.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)