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Indian DRI, billet and rebar update - 31 Jan

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BigMint Bureau

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31 Jan 2024, 18:17 IST

Indian DRI, billet and rebar update - 31 Jan

India's induction furnace (IF) steel market witnessed a downward price trend on 31 January, 2024, as offers floated by the mills dipped in the range of INR 50-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 50-300/t. The steepest fall was seen in the Ramgarh market.

Billet prices dropped in the range of INR 100-300/t. The sharpest drop was seen in the Ramgarh market.

Rebar (Fe 500) offers varied in the range of INR 100-400/t. The prices in the Mumbai market dropped by INR 400/t. Meanwhile, the same in the Goa market went up by INR 300/t.

The movement in the spot market remained slow today as buyers chose to stay on the sidelines. Sellers reported moderate bookings in the last couple of days which led to need-based material procurement amid volatile market prices and trends.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)