Indian DRI, billet, and rebar update - 16 Oct

India's induction furnace (IF) steel segment witnessed mixed trends on 16 October 2024. Offers announced by mills varied by INR 100-300/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices witnessed a hike of INR 100-300/t across the regions except in Bellary market where a marginal fall of INR 100/t as noticed.

Billet offers fluctuated by INR 200-300/t, with the largest hike seen in the Durgapur market by INR 250/t and a major drop of INR 300/t seen in the Chennai market.

Rebar (Fe 500) prices decreased by INR 100-300/t across regions, except for the Durgapur market, where prices rose by INR 400/t.

Today, the steel market remained subdued, without significant transactional activities, specifically in the finished steel segment. Only need-based buying was seen. As per participants, prices will remain volatile in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)