Indian DRI, billet, rebar update - 29 Jan

India's induction furnace (IF) steel prices surged d-o-d on 29 January 2025. Across markets, mills raised their offers by INR 50-300/tonne (t) compared to the previous trading session.

Sponge iron prices rose by INR 50-150/t d-o-d, with the steepest increase seen in the Raigarh and Duragpur markets.

Billet tags climbed up by INR 50-300/t d-o-d, with the highest rise of INR 300/t recorded in the Rourkela region except in Hyderabad and Ramgarh regions where prices slight down by INR 50/t and INR 100/t respectively.

Rebar (Fe 500) offers moved up majorly INR 200/t in most of the locations such as Hyderabad, Durgapur and Rourkela markets except in Raipur where prices inch down by INR 42,200/t.

Today, prices continued an uptrend but lesser buying enquiries were seen in the spot market. Buyers happen only to be placing need-based orders and holding off on bulk purchases. Caution prevails in the market even as participants wait for further price directions.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)