Indian DRI, billet and rebar update - 31 May

India's induction furnace (IF) steel prices witnessed a mixed trend on 31 May 2024. Offers announced by the mills fluctuated in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied by INR 50-200/t. Prices in Raipur dropped by INR 100/t. Meanwhile, the same rose by INR 200/t in Durgapur and Hyderabad markets.

Billet prices increased by INR 100-500/t across regions, except for Mumbai market, where a price drop of INR 200/t was noticed.

Rebar (Fe 500) offers varied in the range of INR 100-600/t. The Bangalore market witnessed a slight price decline of INR 100/t. However, prices in Raigarh market rose by INR 600/t.

The trading activities remained slow today owing to lack of buying interest at hiked offers. Buyers remained cautious and opted for wait-and -watch mode. As per the participants, prices are likely to remain volatile in the near-term.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)