Indian DRI, billet and rebar update - 30 May

India's induction furnace (IF) steel prices witnessed slight variation on 30 May 2024. Offers announced by the mills fluctuated in the range of INR 50-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied by INR 100-300/t. Prices in Raigarh dropped by INR 300/t. Meanwhile, the same rose by INR 100/t in Ramgarh.

Billet prices increased by INR 50-300/t, with the Mandi Gobindgarh and Jalna markets witnessing the sharpest rise.

Rebar (Fe 500) offers varied in the range of INR 100-400/t across regions.

Market sentiments remained positive today as improved buying interest was noticed. Sellers reported sufficient booking orders today, post which they hiked offers. Taking into account the current scenario, the participants hold an optimistic view of the market in terms of price and trading activities in the near- term

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BigMint's price assessment (Region wise)