Indian DRI, billet and re-bar update - 15'Oct

India's induction furnace (IF) steel market witnessed a downward price trend today. Offers by mills dropped by up to INR 400/tonne (t) compared to the previous trading session.

Sponge iron prices decreased in the range of INR 100-250/t, with the highest fall seen in the Raigarh market.

Billet prices fell in the range of INR 100-400/t. The highest drop was seen in Rourkela and Raigarh.

Rebar (Fe 500) offers fell by INR 100-400/t, with the Raigarh market witnessing the highest drop.

Overall, the market seemed to be losing confidence as denoted by the falling prices. Participants stated that buyers have opted for a wait-and-watch strategy. In addition, buyers are expecting a further drop in prices, as is evident from the sluggishness in trade at current offers.

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BigMint's price assessment (Region wise)