Indian DRI, billet, and rebar update - 26 Sep

Prices in India's induction furnace (IF) steel market continued the upward movement for nearly the 7th consecutive day. Mills announced surge in offers by INR 100-600/tonne (t) d-o-d across various markets compared to the previous trading session.

Sponge iron prices increased by INR 100-350/t, with the sharpest rise seen in the Durgapur market.

Billet prices upped by INR 100-550/t across regions, except in Raipur where a drop of INR 100/t was noticed.

Rebar (Fe 500) offers increased by INR 200-600/t, with the most significant increase observed in Delhi NCR.

Limited trades were observed in the spot market today post-another round of hike in rates. Buyers booked sufficient material in the last few days and, hence, resorted to need-based buying today. Currently, participants await clarity on the market trend as volatility persists at the moment.

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BigMint's price assessment (region wise)