Indian DRI, billet, rebar update - 23 Jan

India's induction furnace (IF) steel prices surged d-o-d on 23 January 2025. Across markets, mills raised their offers by INR 100-500/tonne (t) compared to the previous trading session.

Sponge iron prices rose by INR 100-300/t d-o-d, with the steepest increased in the Bellary region.

Billet increased by INR 100-500/t d-o-d, with the highest rise of INR 500/t recorded in the Hyderabad market.

Rebar (Fe 500) offers increased by INR 200-500/t d-o-d, with the sharpest hike of INR 500/t observed in the Hyderabad and Durgapur clusters.

Today, moderate trade activities were seen amid increasing prices. Mills were gradually trying to push the market owing to improvement in buying in the last trading session. Although, momentum is still lacking in terms of sales volume due to hefty supply in the markets.

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BigMint's price assessment (region-wise)