Indian DRI, billet and rebar update - 9 Feb

India's induction furnace (IF) steel market witnessed a mixed price trend on 9 February, 2024, as offers floated by 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 50-400/t. Prices in the Durgapur market fell by INR 400/t. However, prices in the Bellary market rose slightly by INR 50/t.

Billet prices dropped in the range of INR 100-150/t. The sharpest drop was seen in the Ramgarh market.

Rebar (Fe 500) offers varied by INR 100-200/t across a few regions, while remaining stable in others.

Trading activities remained slow today owing to lacklustre market sentiment. Buyers procured material in moderate quantities in the last couple of days. However, they resorted to need-based buying today which led to the current market scenario.

Click here for rebar brand-wise details.

BigMint's price assessment (Region wise)