Indian DRI, billet and rebar update - 20 Sep

India's induction furnace (IF) steel prices showed a mixed trend today. Mills announced offers with fluctuations ranging from INR 50-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices increased by INR 100-300/t, with the sharpest rise observed in the Jharsuguda market.

Billet prices fluctuated by INR 50-200/t, with the sharpest rise observed in the Mandi and Chennai markets. Prices fell marginally by INR 50/t in Ramgarh and Rourkela markets.

Rebar (Fe 500) offers increased by INR 100-300/t. The highest increase was seen in the Jalna market.

Moderate trade activity was observed in the steel market on Friday, varying by location. Market sentiment turned positive in the latter half of the day, driven by rising prices in both raw materials and finished products. With prices increasing over the past few days and improved buying activity, participants expect the current market trend to likely sustain in the near-term.

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BigMint's price assessment (region-wise)