Indian DRI, billet, and rebar update - 23 Sep
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India's induction furnace (IF) steel prices surged on 23 September 2024. Offers announced by mills increased by INR 100-1,200/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices climbed by INR 100-550/t d-o-d, with the sharpest rise in the Raigarh market.
Billet prices surged by INR 100-1,000/t d-o-d. The steepest hike was observed in the Ahmedabad market.
Rebar (Fe 500) offers were up by INR 200-1,200/t d-o-d. The Raigarh market recorded the largest increase of INR 1,200/t.
Today, a healthy number of trades were witnessed d-o-d amid a hike in steel prices. Sellers had received good bookings in the last couple of days, which led to a rise in the prices of raw materials and finished steel. This, in turn, alleviated the inventory pressure on mills. Participants now expect prices to hover at higher levels in the near term.
Click here for brand-wise rebar details
BigMint's price assessment (region-wise)
