Indian DRI, billet, and rebar update - 5 Sep

India's induction furnace (IF) steel prices showed a mixed response on 5 September, 2024. Mill offers fluctuated by INR 100-400/tonne (t) d-o-d across various markets compared to the previous trading session.

Sponge iron prices rose by INR 100-300/t, with the highest rise seen in the Durgapur market.

Billet prices, on the other hand, varied by INR 50-200/t across regions. The sharpest decrease of INR 50/t was recorded in the Rourkela market, while the highest increase of INR 200/t occurred in the Durgapur, Chennai and Mumbai markets.

Rebar (Fe 500) offers rose by INR 100-400/t, with the steepest hike noted in the Jalna market.

Overall, trading activity in the steel market remained limited today. The market is attempting to stabilise amid slight price increases. However, confidence remains low as buyers showed limited interest in making aggressive purchases, particularly in finished steel. Market participants expect that prices will continue to fluctuate within the current range.

Click here for rebar brand-wise details

BigMint's price assessment (region-wise)