Indian DRI, billet and rebar update - 7 Feb

India's induction furnace (IF) steel market witnessed a mixed price trend on 7 February, 2024, as offers floated by the mills varied in the range of INR 50-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices varied slightly in the range of INR 50-200/t. The Durgapur and Raipur markets rose by INR 50/t. However, Odisha's Jharsuguda market fell by INR 200/t.

Billet prices varied in the range of INR 50-100/t across the regions.

Rebar (Fe 500) offers varied by INR 100-300/t. The Delhi NCR saw a price hike of INR 100/t. Meanwhile, a price drop of INR 300/t was noticed in the Rourkela market.

Limited trades were observed in the market today amid lack of clarity in the market trend. Sellers tried to boost sales and hiked prices slightly across a few regions. However, buyers remained cautious and procured material as per need only.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)