Indian DRI, billet and rebar update - 25 Jul

India's induction furnace (IF) steel prices fluctuated on 25 July, 2024. Offers announced by the mills fluctuated by INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fluctuated by INR 50-250/t. The Ramgarh market witnessed a price rise of INR 250/t. However, prices dropped by INR 100/t in Raigarh market.

Billet prices increased by INR 50-200/t across the regions except Mumbai market where prices dropped by INR 200/t.

Rebar (Fe 500) offers varied in the range of INR 100-500/t, with the sharpest decrease seen in the Hyderabad market by INR 500/t. Meanwhile, prices increased in Durgapur market by INR 300/t.

Limited trades were observed in the spot markets today. As buyers have procured the material only as per requirements and manufacturers also observed lack of booking volumes. As per the participants, similar trend is likely to prevail in the near-term.

Click here for rebar brand-wise details