Indian DRI, billet, rebar update - 31 Jan

India's induction furnace (IF) steel prices surged d-o-d on 31 January 2025. Across markets, mills raised their offers by INR 50-500/tonne (t) compared to the previous trading session.

Sponge iron prices went up by INR 100-300/t d-o-d across regions and the major hike were seen in Raipur market by INR 300/t except in few markets where prices slight fell by INR 200/t and 250/t in Hyderabad and Bellary markets respectively.

Billet tags increased by INR 100-500/t d-o-d across locations. The Hyderabad market saw the sharpest rise of INR 500/t except in Rourkela market where prices slid down by INR 50/t.

Rebar (Fe 500) offers increased by INR 100-400/t d-o-d and the steepest rise was seen in Raigarh.

Today, limited buying enquiries were heard in the market. Improvement in prices was seen in the first half but sales were subdued across regions in the second half. As per market participants, prices are likely to remain volatile in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)