Indian DRI, billet and rebar update - 21 Aug

India's induction furnace (IF) steel prices showed a mixed response on 21 August 2024. Offers from mills varied by INR 50-500/tonne (t) d-o-d across different markets compared to the previous trading session.

Sponge iron prices increased by INR 150-300/t in most regions, except in the Ramgarh market, where prices fell by INR 150/t.

Billet prices rose by INR 50-250/t, with the sharpest increase observed in the Rourkela market.

Rebar (Fe 500) offers were raised by INR 100-300/t across most regions. However, prices decreased by INR 200/t in Ahmedabad and INR 500/t in Chennai.

Trading activity in the spot market was slow today despite the slight hike in offers. Moderate bookings were observed yesterday, resulting in need-based buying. Participants expect the market to continue moving within the current range.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)