Indian DRI, billet and rebar update - 30 Aug

India's induction furnace (IF) steel prices witnessed mixed trends on 30 August 2024. Offers announced by the mills increased by INR 50-250/tonne (t) d-o-d across most markets, compared to the previous trading session.

Sponge iron prices rose by INR 100-200/t across the regions, except in Bellary market where marginal drop of INR 50/t as noticed.

Billet prices increased by INR 50-200/t across various regions, except for the Mumbai and Jalna market, which was down by INR 100/t.

Rebar (Fe 500) offers witnessed a slight hike of 100/t in Rourkela, Raipur and Durgapur market.

Today, limited trades were observed amid rising prices in the semi-finished and finished steel segments. The market was trying to stabilise, as per sources. However, buyers still lack of confidence at current levels and are avoiding procuring material in bulk. According to BigMint's assessment, the market is expected to be volatile in the near-term.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)