Indian DRI, billet and rebar update - 26 Jul
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India's induction furnace (IF) steel prices fluctuated on 26 July, 2024. Offers announced by the mills fluctuated by INR 50-800/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices fluctuated by INR 50-150/t. The Raipur and Durgapur markets witnessed a price rise of INR 150/t. However, prices dropped by INR 100/t in Ramgarh and Hyderabad markets.
Billet prices have seen variation in the range of INR 100-400/t, with the sharpest rise in Raigarh market by INR 400/t. Meanwhile, a drop was noticed in Chennai market by INR 300/t.
Rebar (Fe 500) offers varied in the range of INR 100-800/t, with the sharpest decrease seen in the Jalna market by INR 800/t. Meanwhile, prices increased in Hyderabad market by INR 500/t.
Slight improvement in buying and trading activities were observed varying location wise d-o-d. However, still buyers are waiting for clarity in prices to procure material in bulk. Market will move range-bound in the near term as per current scenario.
Click here for rebar brand-wise details
