Indian DRI, billet and rebar update - 26 Oct

India's induction furnace (IF) steel market witnessed an uptick in prices on 26 October, 2023, as offers floated by the mills increased in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices increased slightly in the range of INR 50-250/t, with the Raigarh market witnessing the highest rise.

Billet prices rose in the range of INR 100-400/t. The sharpest rise was seen in the Ahmedabad market.

Rebar (Fe 500) offers rose in the range of INR 100-600/t.

An improvement in buying activities was observed in the market as prices moved in an upward direction. However, buyers are avoiding any bulk purchases at the moment due to a lack of clarity on the market trend.

Click here for re-bar brand wise details.

SteelMint's price assessment (Region wise)