Indian DRI, billet and rebar update - 4 Jan

India's induction furnace (IF) steel market prices continued following the upward movement on 4 January, 2024, across regions as offers floated by the mills increased in the range of INR 100-600/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 100-300/t. The sharpest rise was seen in Durgapur and Raipur markets.

Billet prices surged in the range of INR 100-600/t. The highest rise was seen in the Ahmedabad market.

Rebar (Fe 500) offers increased in the range of INR 100-500/t, with the Hyderabad market witnessing the sharpest increase.

Despite the rise in prices, the market witnessed limited buying activities in the spot market as buyers chose to stay on the sidelines and resorted to need-based material procurement.

Click here for re-bar brand-wise details.

SteelMint's price assessment (Region wise)