Indian DRI, billet and rebar update - 19 Feb

India's induction furnace (IF) steel market observed minor fluctuation in prices across few regions, while remaining stable in others on 19 February, 2024, as offers floated by the mills varied in the range of INR 50-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied in the range of INR 50-100/t. The Durgapur market fell by INR 100/t. However, the Bellary market rose by INR 100/t.

Billet prices varied in the range of INR 50-300/t. The Mandi(Gobindgarh) market saw a hike of INR 300/t, while a price drop of INR 50/t was noticed in the Durgapur market.

Rebar (Fe 500) offers varied by INR 100-300/t. The Delhi market witnessed a drop of INR 200/t. Meanwhile, the Goa market increased by INR 300/t.

Limited movement was observed in the spot market today as buyers remained majorly silent and resorted to need-based material procurement. Sellers reported subdued buying enquiries amid bid-offer disparity as well as due to lack of clarity in the market direction. Participants expect slight fluctuations to continue in the near term.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)