Indian DRI, billet and rebar update - 30 Jul

India's induction furnace (IF) steel prices witnessed a sharp rise in the market. Offers announced by the mills increased by INR 50-1,000/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices rose by INR 50-450/t, with the highest rise seen in the Ramgarh market.

Billet prices increased by INR 400-800/t, with the sharpest hike seen in Jalna market.

Rebar (Fe 500) offers increased in the range of INR 400-1,000/t with the steepest upside in Hyderabad market.

Moderate trades were observed in the spot market today. Due to back support of raw materials (sponge iron and billet) which increased, buyers were shown interest to procure material at increasing rates but cautiously as bid-offer disparity also were their in the market. As per the current scenario, prices might be seen at current levels in near term.

Click here for rebar brand-wise details