Indian DRI, billet and rebar update - 29 Apr

India's induction furnace (IF) steel prices witnessed a mixed trend on 29 April, 2024, as offers released by the mills varied in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices dropped in the range of INR 50-250/t, with the steepest drop seen in the Durgapur market.

Billet prices varied in the range of INR 150-600/t. Prices in Mumbai market surged by INR 600/t. However, the same dropped by INR 500/t in the Hyderabad market.

Rebar (Fe 500) offers fluctuated in the range of INR 100-300/t. Meanwhile, prices in the Chennai market increased by INR 300/t. However, prices declined by INR 300/t in Delhi NCR.

The market sentiment continued to remain dull today across most of the regions. Buyers procured limited material as uncertainty persists at the moment. As per the market participants, prices are likely to remain range-bound in the near term.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)