Indian DRI, billet and rebar update - 6 Mar

India's induction furnace (IF) steel market prices followed a mixed trend on 6 March, 2024, as offers floated by the mills varied in the range of INR 50-400/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied in the range of INR 50-250/t. The Bellary market witnessed a price drop of INR 250/t. However, a price rise of INR 50/t was seen in the Raipur market.

Billet prices varied in the range of INR 50-200/t. The Mumbai market saw a price hike of INR 100/t, while a price drop of INR 200/t was noticed in the Ramgarh market.

Rebar (Fe 500) offers varied by INR 100-400/t. The Muzaffarnagar market witnessed a drop of INR 300/t. Meanwhile, the Mumbai market increased by INR 400/t.

Limited buying enquiries were observed in the spot market today as buyers chose to stay on the sidelines amid fluctuating market trend. Participants expect the market to remain range-bound in the near term.

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BigMint's price assessment (Region wise)