Indian DRI, billet and rebar update - 29 Jan

India's induction furnace (IF) steel market saw mixed price trends as offers floated by the mills varied in the range of INR 50-500/tonne (t) d-o-d on 29 January,2024.

Sponge iron prices fluctuated by INR 50-150/t. Prices increased by INR 100/t in the Bellary and Hyderabad markets. However, a price drop of INR 150/t was noticed in the Raipur market.

Billet prices varied in the range of INR 50-200/t. Mumbai saw a hike of INR 200/t, while a price drop of INR 150/t was noticed in Raigarh and Rourkela markets.

Rebar (Fe 500) offers varied by INR 100-500/t across regions. A price decline of INR 200/t was seen in Raigarh. Meanwhile, prices rose by INR 500/t in Hyderabad.

Overall, the market observed a seesaw price trend in both the semis and finished longs segments. Spot trades were moderate as major buying was not seen throughout the day. Transactions in most regions remained stable, with minimal changes seen in prices.

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SteelMint's price assessment (Region wise)