Indian DRI, billet and rebar update - 17 Jan

India's induction furnace (IF) steel market prices continued moving in a downward direction on 17 January, 2024, across regions as offers floated by the mills dropped in the range of INR 100-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 100-250/t, with Odisha's Jharsuguda market witnessing the steepest fall.

Billet prices declined in the range of INR 100-250/t across all the regions. The sharpest drop was seen in the Hyderabad market.

Rebar (Fe 500) offers decreased in the range of INR 100-400/t. The sharpest decrease was observed in the Jaipur market.

Limited trades were observed in the spot market as buyers opted for wait-and-watch mode and resorted to need-based buying. Currently, participants await clarity on the market trend as constant fluctuations in prices are evident at the moment.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)