Indian DRI, billet and rebar update - 19 Jan

India's induction furnace (IF) steel market followed an upward movement on 19 January, 2024, across regions as offers floated by mills increased in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 50-300/t, with the Durgapur market witnessing the sharpest rise.

Billet prices surged in the range of INR 100-500/t.The sharpest rise was seen in Chennai and Hyderabad markets.

Rebar (Fe 500) offers increased in the range of INR 100-500/t. The Jalna and Hyderabad markets saw the sharpest increase.

Minimal movement was observed in the spot market as trading activities were dull today. Sellers reported limited buying enquiries at higher offers which pushed them to offer attractive discounts.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)