Indian DRI, billet, and rebar update - 25 Sep

India's induction furnace (IF) steel prices surged today. Offers announced by mills increased by INR 100-1,000/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices climbed by INR 100-700/t d-o-d, with the sharpest rise in the Raipur market.

Billet prices surged by INR 400-1,000/t d-o-d. The steepest hike was observed in the Jalna market.

Rebar (Fe 500) offers were up by INR 200-900/t d-o-d. The Delhi market recorded the largest increase of INR 900/t.

Moderate trades were observed in the spot market for both raw materials and finished products. Sellers have been consistently raising prices, driven by recent bookings at higher levels. However, buyers remain cautious about making bulk purchases, anticipating that the market will likely stabilise around current levels based on the present conditions.

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BigMint's price assessment (region-wise)