Indian DRI, billet and rebar update - 29 May
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India's induction furnace (IF) steel prices witnessed an upward trend on 29 May 2024. Offers announced by the mills increased in the range of INR 100-700/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices increased by INR 200-350/t. The sharpest increase was seen in the Hyderabad market.
Billet prices witnessed an uptick of INR 100-550/t across regions.
Rebar (Fe 500) offers varied in the range of INR 100-700/t. Prices in Odisha's Rourkela increased by INR 700/t. Meanwhile, prices dropped by INR 300/t in Chennai.
Limited trading activities were observed in the spot market today as buyers resorted to need-based purchases. A similar trend in the sponge iron and billet markets affected the finished steel segment. Currently, participants are waiting for clarity on market direction and prices.
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BigMint's price assessment (Region wise)
