Indian DRI, billet and rebar update - 28 Aug

India's induction furnace (IF) steel prices edged lower on 28 August 2024. Offers announced by the mills decreased by INR 50-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices witnessed a decline of INR 50-400/t. The steepest drop seen in Raigarh market.

Billet prices sank by INR 100-400/t. The sharpest fall was seen in the Rourkela market.

Rebar (Fe 500) offers decreased in the range of INR 100-300/t, with the sharpest drop noticed in the Durgapur market.

Today, a slowdown in buying interest was observed, with fewer enquiries and reduced transactional activity in the spot market. Sellers are trying to stimulate demand by offering discounts, which vary according to the location. The volatility in prices is expected to continue in the near term, according to market participants.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)