Indian DRI, billet and rebar update - 2 Sep

India's induction furnace (IF) steel prices edged lower on 2 September, 2024. Offers announced by the mills decreased by INR 100-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices saw a decline of INR 100-300/t. The steepest drop was seen in Duragpur market.

Billet prices fell by INR 100-250/t. The sharpest fall was seen in the Raipur market.

Rebar (Fe 500) offers dropped in the range of INR 100-200/t. The highest downfall in Durgapur, Raipur and Rourkela market.

Today, weak buying interest exerted pressure leading to further correction in spot offers for semi-finished and finished steel. Market activity remained slow and participants await clarity on price trends as the market remains volatile.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)