Indian DRI, billet, and rebar update - 10 Oct

India's induction furnace (IF) steel segment continued to witness lower prices d-o-d on 10 October 2024. Offers announced by mills dropped by INR 100-700/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices witnessed a fall of INR 100-400/t, with the steepest drop observed in the Raipur and Raigarh market.

Billet prices moved down by INR 100-600/t, with the sharpest decrease noted in the Jalna and Raipur market.

Rebar (Fe 500) offers declined by INR 100-700/t, and the steepest fall was seen in the Mumbai market.

Minimal trade activities were noted amid today's drop in steel prices. Buyers seem to be waiting for prices to stabilise amid the festive season. As per participants, the market is likely to remain range-bound.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)