Indian DRI, billet and rebar update - 30 Jan

India's induction furnace (IF) steel market witnessed a slight uptick in prices on 30 January, 2024, as offers floated by the mills increased in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 50-200/t. The sharpest rise was seen in Durgapur and Ramgarh markets.

Billet prices increased in the range of INR 100-500/t, with the Chennai market witnessing the sharpest increase.

Rebar (Fe 500) offers increased in the range of INR 50-200/t across all regions.

Today's spot market saw moderate trading activity as sellers reported average bookings. However, due to uncertainty in the market trend, buyers avoided any bulk procurement at the moment. Taking into account the current scenario, participants expect the market to remain range-bound in the near term.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)