Indian DRI, billet and rebar update - 18 Apr

India's induction furnace (IF) steel market witnessed slight fluctuation in prices on 18 April, 2024, across regions as offers floated by the mills varied in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 100-150/t in many key regions, while remaining stable in others. The sharpest rise was noticed in the Bellary and Jharsuguda markets.

Billet prices varied in the range of INR 50-600/t. Prices in the Mumbai market rose by INR 600/t. However, the same witnessed a decline of INR 100/t in the Mandi Gobindgarh market.

Rebar (Fe 500) offers increased in the range of INR 100-400/t. The sharpest rise was seen in Delhi NCR.

Subdued buying interest prevailed in the market today as buyers remained inactive and avoided booking material at high offer prices. As per market participants, the market still lacks clarity and may continue to remain volatile in the near term.

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BigMint's price assessment (Region wise)