Indian DRI, billet, and rebar update - 11 Oct

Prices in India's induction furnace (IF) steel market saw a downtrend today, with mills reducing offers by INR 50-800/tonne (t) d-o-d across various markets compared to the previous trading session.

Sponge iron prices declined by INR 100-300/t, with Raigarh experiencing the steepest drop.

Billet prices plunged by INR 50-800/t. The sharpest fall was noticed in the Mumbai.

Rebar (Fe 500) offers decreased by INR 100-800/t, with the most significant decline observed in Raipur and Raigarh markets.

Trading activities remained subdued on Friday due to the festive atmosphere in the market. Sellers further lowered offers, particularly in the finished steel segment, due to a lack of purchase inquiries. However, buyers remained quiet, adopting a wait-and-watch approach. At present, market participants are awaiting clearer indications of future trends.

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BigMint's price assessment (region wise)