Indian DRI, billet, and rebar update - 11 Sep

India's induction furnace (IF) steel market prices followed a downward movement on 11 September 2024. Offers announced by mills decreased by INR 100-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices varied by INR 100-400/t. Prices in Odisha's Jharsuguda market rose by INR 400/t. However, the same fell by INR 250/t in the Durgapur market.

Billet prices dropped by INR 100-350/t, with the sharpest drop seen in the Ramgarh market.

Rebar (Fe 500) offers declined in the range of INR 100-500/t. The sharpest decline was seen in the Hyderabad market.

Minimal movement was observed in the spot market amid declining price trends. Buyers remained inactive, which forced sellers to reduce rates and offer attractive discounts to liquidate material. However, market sentiment continued to remain sluggish. Currently, buyers are awaiting clarity on the direction of the market before making any bulk purchases to avoid over-stocking material.

Click here for rebar brand-wise details

BigMint's price assessment (region wise)