Indian DRI, billet, and rebar update - 24 Sep

India's induction furnace (IF) steel prices surged on 24 September 2024. Offers announced by mills increased by INR 100-1,100/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices increased by INR 300-600/t d-o-d, with the sharpest rise in the Hyderabad market.

Billet prices rose by INR 300-1,000/t d-o-d. The steepest hike was observed in the Rourkela market.

Rebar (Fe 500) offers were up by INR 300-1,100/t d-o-d. The Rourkela market recorded the largest increase of INR 1,100/t.

Prices continued to uptrend for the second consecutive day this week. Sellers are raising their prices and are willing to sell material at higher levels in the market. However, trading activity was slow today at the current price levels, following strong transactions during yesterday's session.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)