Indian DRI, billet and rebar update - 8 Feb

India's induction furnace (IF) steel market followed an upward movement on 8 February, 2024, across regions as offers floated by the mills increased in the range of INR 100-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 100-300/t, with the Raipur and Odisha's Jharsuguda market witnessing the sharpest rise.

Billet prices increased in the range of INR 100-250/t across the regions, except for the Goa market which dropped by INR 500/t.

Rebar (Fe 500) offers increased in the range of INR 100-300/t. The Jalna and Raigarh markets saw the sharpest increase.

An improvement in trading activities was observed today as buyers became active and procured material in moderate quantity which led to a slight hike in offers. Participants expect the market to remain range-bound in the near term taking into account the current scenario.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)