Indian DRI, billet and rebar update - 2 Apr

India's induction furnace (IF) steel market witnessed an upward trend in prices, as offers floated by the mills increased in the range of INR 200-1,000/tonne (t) d-o-d on 2 April, 2024.

Sponge iron prices edged up by INR 250-700/t. The highest rise of INR 700/t was seen in the Raigarh sponge market.

Billet prices increased by INR 200-1,000/t. The Chennai market witnessed an increase of INR 1,000/t.

In addition, rebar (Fe 500) offers rose in the range of INR 100-800/t.

The steel market saw active demand in all the regions. Buyers actively procured materials at increased prices, owing to the reason of good enquiry in sponge as well billet. As per ongoing market scenario participants are expecting that prices might be supported at current price levels.

Click here for re-bar brand wise details

BigMint's price assessment (Region wise)