Indian DRI, billet and re-bar update - 19 Oct.

India's induction furnace (IF) steel market witnessed negative price trends today. Offers by the mills dropped up to INR 600/tonne (t) compared to the previous trading session.

Sponge iron prices decreased in the range of INR 150-550/t, with the highest fall seen in the Raigarh market.

Billet prices fell in the range of INR 100-600/t and the steepest decline was seen in the Raigarh.

Rebar (Fe 500) offers declined by INR 100-400/t, with the Rourkela and Mandi, Gobindgarh markets witnessing the sharpest drop.

Semi-finished and finished long steel prices were subdued as the market in north India was tepid. Spot trade remained moderate with buyers choosing not to make bulk bookings. Due to the upcoming long festive season market participants are expecting that prices may remain volatile.

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SteelMint's price assessment (Region wise)