Indian DRI, billet and rebar update - 3 Jun

India's induction furnace (IF) steel market witnessed an uptick in prices on 3 June, 2024. Offers announced by the mills increased in the range of INR 250-1,400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose by INR 250-1,000/t, with the Hyderabad market witnessing the sharpest rise.

Billet prices increased by INR 500-1,000/t. The highest increase was noticed in Chennai and Hyderabad markets.

Rebar (Fe 500) offers surged in the range of INR 300-1,400/t. The sharpest rise was seen in the Jalna market.

Average trades were observed in the spot market today amid fluctuation in prices of steel billets. Sellers indicated sufficient bookings in the past few days, which led to sudden hike in offers in finished steels. However, buyers remained cautious and procured on need-basis due to lack of clarity on the trend. As per participants, such volatility may persist in the near term.

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BigMint's price assessment (Region wise)