Indian DRI, billet and rebar update - 20 Aug

India's induction furnace (IF) steel prices witnessed edged higher as on 20 August, 2024. Offers announced by the mills fluctuated by INR 50-700/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices rose by INR 100-400/t, with the highest rise seen in the Raipur market.

Billet prices increased by INR 50-450/t across regions but there was a drop in the Chennai market by INR 200/t.

Rebar (Fe 500) prices increased in the range of INR 100-700/t. The sharpest hike were seen in the Raigarh market.

Today, moderate trades were noticed amid rising prices in semi-finished and finished steel segments. Market were trying to stabilise as observed. Buyers were active in procuring material as compared to last week's trading session. According to participants, the market is expected to move within the same range.

BigMint's price assessment (Region wise)