Indian DRI, billet and rebar update - 4 Apr

India's induction furnace (IF) steel market prices continued to follow the upward movement on 4 April, 2024, as offers floated by the mills increased in the range of INR 100-900/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 100-550/t. The sharpest rise was seen in the Raigarh market.

Billet prices increased in the range of INR 100-700/t. The highest uptick was seen in the Durgapur market.

Rebar (Fe 500) offers surged in the range of INR 200-900/t, with the Durgapur market witnessing the sharpest rise.

Average trades were observed in the spot market today. Traders remained cautious and avoided bulk bookings at the moment amid surging offers. Participants expect prices to remain volatile in the near term owing to a lack of clarity in the market direction.

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BigMint's price assessment (Region wise)