Indian DRI, billet and rebar update - 29 Jul

India's induction furnace (IF) steel prices witnessed a positive trend in most major markets today. Offers announced by the mills fluctuated in the range of INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices rose by INR 100-500/t across regions except a marginal drop of INR 50/t seen in the Raipur market.

Billet prices increased by INR 100-200/t, with the sharpest rise seen in Mandi, Ramgarh and Ahmedabad markets.

Rebar (Fe 500) offers rose in the range of INR 100-300/t across regions, except for Mumbai prices fell by INR 300/t.

Lack of trades were observed in the spot market today and buyers resorted to need-based purchases at increased prices awaiting clarity on evolving market trends. As per market participants, volatility in prices may persist in the near term.

Click here for rebar brand-wise details