Indian DRI, billet and rebar update - 28 July

India's induction furnace (IF) steel market witnessed positive trends in prices. Offers across mills rose by INR 700/tonne (t) d-o-d on 28 July, 2023.

Sponge iron prices edged up by INR 300-600/t. Prices rose by INR 600/t in the Jharsuguda and Raigarh markets.

Billet prices increased by INR 300-650/t. Mandi, gobindgarh market saw an increase of INR 650/t today.

In addition, rebar (Fe 500) offers remained elevated in the range of INR 100-700/t. Prices in Raipur were sharply up by INR 700/t d-o-d.

Overall, market continued to witness an upward trend in semi-finished and finished long segments because of strong price trend across the region. Trades were moderate on Friday with no bulk bookings appeared from the buyers' side. Market participants are expecting an improvement in finished long sales in coming days, SteelMint noted.

Click here for re-bar brand wise details

SteelMint's price assessment (Region wise)