Indian DRI, billet and rebar update - 28 Feb

India's induction furnace (IF) steel market prices witnessed slight fluctuation on 28 February, 2024, across regions as offers floated by the mills varied in the range of INR 50-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied in the range of INR 50-150/t. Prices in the Raigarh market fell by INR 150/t. Meanwhile, in the Raipur and Durgapur markets a minor price rise of INR 50/t was observed.

Billet prices varied in the range of INR 50-300/t across all the regions. Prices in the Ahmedabad market increased by INR 300/t. Meanwhile, prices in the Jalna and Chennai markets declined by INR 200/t.

Rebar (Fe 500) offers varied in the range of INR 100-250/t. Prices in the Hyderabad market dropped by INR 250/t. However, the same rose by INR 200/t in the Raipur market.

Average trades were observed in the spot market today as prices continued to remain range-bound. Buyers remained cautious owing to the volatile market trend.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)