Indian DRI, billet, and rebar update - 10 Sep

India's induction furnace (IF) steel market experienced a price drop on 10 September, 2024. Mills reduced their offers by INR 50-300/tonne (t) d-o-d across various markets compared to the previous trading session.

Sponge iron prices fell by INR 50-200/t d-o-d across most regions, except in the Raipur market. The Raigarh market saw a marginal increase of INR 50/t.

Billet prices declined by INR 100-300/t, with the most significant drops occurring in the Raigarh market.

Rebar (Fe 500) offers decreased by INR 100-300/t, with the steepest decline observed in Delhi market.

Today, the steel market remained subdued with limited transactional activity. Prices have stayed within the same range over the past few days. However, the market continues to face pressure due to sluggish buying in the finished steel segment across regions. Participants remained cautious amid the uncertain market situation, expecting continued price volatility in the near-term.