Indian DRI, billet and rebar update - 9 Nov

India's induction furnace (IF) steel market saw a slight uptick in prices on 9 November, 2023, as offers floated by the mills increased in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose slightly in the range of INR 50-300/t, with Odisha's Jharsuguda market witnessing the sharpest rise.

Billet prices increased in the range of INR 100-500/t. The highest increase was seen in the Chennai market.

Rebar (Fe 500) offers increased by INR 100-400/t. The sharpest rise was seen in the Delhi-NCR.

Moderate trades were observed in the spot market today which prompted sellers to hike their offer prices. Traders procured material in sufficient volumes for restocking ahead of the upcoming festive week.

Click here for re-bar brand wise details.

SteelMint's price assessment (Region wise)