Indian DRI, billet and rebar update - 28 May

India's induction furnace (IF) steel prices varied slighlty on 28 May 2024. Offers announced by the mills fluctuated in the range of INR 50-700/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell by INR 100-250/t. The sharpest fall was seen in the Hyderabad and Ramgarh markets.

Billet prices varied in the range of INR 50-250/t. Prices in Mandi Gobindgarh and Raipur increased by INR 100/t. However, prices dropped by INR 250/t in Rourkela.

Rebar (Fe 500) offers dropped in the range of INR 100-700/t. The steepest drop was seen in Odisha's Rourkela market.

An improvement in trading activities was observed today as buyers became active and procured material in moderate quantities. Sellers also hiked offers across regions post receiving bookings. As per sources, the market might remain volatile in the near term.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)