Indian DRI, billet, and rebar update - 14 Oct

India's induction furnace (IF) steel segment witnessed mixed trends on 14 October 2024. Offers announced by mills varied by INR 100-900/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices witnessed a fall of INR 100-150/t across locations, except in the Raigarh and Raipur market, which recorded a slight price increase of INR 300/t and 100/t respectively.

Billet offers climbed up by INR 100-900/t, with the sharpest hike seen in the Mumbai market.

Rebar (Fe 500) prices rose by INR 100-500/t across regions, except for the Hyderabad and Ahmedabad market, where a price drop of INR 300/t and 200/t was observed.

Today, buying enquiries in the spot market experienced a slight improvement. Mills tried to maintain their offers, though certain regional variations were noted. As per market participants, prices are likely to remain supportive in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)