Indian DRI, billet and rebar update - 7 Mar

India's induction furnace (IF) steel market witnessed a slight uptick in prices on 7 March, 2024, as offers floated by the mills increased in the range of INR 50-350/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 50-300/t. The sharpest rise was seen in Durgapur and Jharsuguda markets.

Billet prices varied in the range of INR 100-350/t. Prices in Odisha's Rourkela market increased by INR 350/t. However, the same dropped by INR 200/t in the Mumbai market.

Rebar (Fe 500) offers increased in the range of INR 100-200/t across all regions.

Today's spot market saw limited bookings as participants reported need-based material procurement. Since sellers received sufficient orders during the last few days, they continued to maintain their offers. Participants expect a similar trend to continue in the near term.

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BigMint's price assessment (Region wise)