Indian DRI, billet and rebar update - 3 May

India's induction furnace (IF) steel prices moved in an upward direction on 3 May, 2024. Offers announced by the mills surged in the range of INR 100-750/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices increased in the range of INR 100-450/t. The highest uptick was seen in the Raigarh market.

Billet prices rose in the range of INR 300-650/t. The sharpest rise was seen in the Raigarh market.

Rebar (Fe 500) offers increased in the range of INR 300-750/t, with the Hyderabad market witnessing the sharpest increase.

Despite the rising prices, limited trades were observed in the spot market. However, sellers still maintained high offers due to higher raw material (sponge iron and steel billet) prices.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)