Indian DRI, billet and rebar update - 15 Sep

India's induction furnace (IF) steel market witnessed an uptick in prices across commodities today. Mills' offers rose by up to INR 800/tonne (t) compared to the previous trading session.

Sponge iron prices increased in the range of INR 350-450/t with the highest rise seen in the Raipur market.

Billet prices rose in the range of INR 200-800/t. The highest rise was seen in Raipur.

Rebar (Fe 500) offers also went up by INR 100-500/t with the Raipur, Hyderabad, and Rourkela markets witnessing the highest rise.

Overall, the market has observed a surging trend in prices. However, trades were limited in the spot market at such offer levels and buyers opted for a wait-and-watch strategy.

Click here for re-bar brand wise details.