Indian DRI, billet and rebar update - 16 Aug

India's induction furnace (IF) steel prices showed slight variations on 16 August, 2024. Offers announced by the mills fluctuated in the range of INR 50-200/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell by INR 100/t across regions, except Jharsuguda where a price rise was seen.

Billet prices varied in the range of INR 50-200/t. The sharpest drop seen in Jalna and Rourkela market by INR 200/t and major increased seen in Durgapur and Mandi market by INR 100/t.

Rebar (Fe 500) offers dropped in the range of INR 100-200/t. The sharpest fall in Ahmedabad, Raigarh and Rourkela market.

Limited trades were observed in the market today amid volatile price trends. However, need-based buying was evident in the market. According to sources, prices are expected to stay range-bound.

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BigMint's price assessment (Region wise)