Indian DRI, billet, and rebar update - 3 Oct

India's induction furnace (IF) steel market witnessed a surge in prices today. Offers announced by the mills rose by INR 150-1,000/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices increased by INR 150-550/t. The major hike was witnessed in the Raipur market.

Billet prices surged INR 200-1,000/t d-o-d, with the sharpest rise seen in the Rourkela market.

Rebar (Fe 500) offers rose by INR 200-700/t and the steepest increase was witnessed in Delhi and Rourkela.

Positive market sentiments over the last couple of days and active buying enquiries forced sellers to raise their offers. However, amid higher prices, buyers are procuring material just to cater to immediate requirements and demand patterns showed wide variations across locations. Prices are likely to remain supported in the near term owing to mills having had placed sufficient booking orders.

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BigMint's price assessment (region-wise)