Indian DRI, billet and rebar update - 7 Aug

India's induction furnace (IF) steel prices fluctuated on 7 August, 2024. Offers announced by the mills in the range of INR 50-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices lowers by INR 50-100/t, with the highest fall seen in Raipur and Jharsuguda market.

Billet prices varied by INR 50-300/t. The sharpest rise seen in Mumbai market by INR 300/t while drop seen in Ahmedabad market of INR 100/t.

Rebar (Fe 500) offers decreased in the range of INR 200-300/t across locations except Mumbai which increased by INR 400/t.

Limited bookings were observed in the spot market amid fluctuating price trends. However, still buyers are waiting for clarity in prices to procure material in bulk, as rains in most of the locations consistently hampering trades. As per participants, the market will move range-bound in the near term.

Click here for rebar brand-wise details