Indian DRI, billet and rebar update - 25 Apr
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India's induction furnace (IF) steel market witnessed a mixed price trend on 25 April, 2024, as offers floated by the mills varied in the range of INR 50-300/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied in the range of INR 50-300/t. Prices in Durgapur market increased by INR 300/t. However, the same fell by INR 100/t in Raipur and Hyderabad markets.
Billet prices fluctuated in the range of INR 50-200/t. The prices in Chennai declined and the same in Durgapur and Mumbai markets rose by INR 200/t.
Rebar (Fe 500) offers varied in the range of INR 100-300/t. The prices in Delhi NCR dropped and the same in Raigarh market rose by INR 300/t.
Buyers stayed cautious today, leading to a gloomy market sentiment. With little buying interest, the market lacked momentum which led to fluctuation in prices. As per the participants, similar trend might continue in the near term.
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BigMint's price assessment (Region wise)
