Indian DRI, billet and rebar update - 17 Nov

India's induction furnace (IF) steel market prices followed a negative trend on 17 November, 2023 across regions. Offers floated by the mills dipped in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 50-250/t. The sharpest fall was seen in the Ramgarh market.

Billet prices declined in the range of INR 50-500/t, with the Hyderabad and Chennai markets witnessing the steepest fall.

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

Minimal buying activities were observed in the spot market today. Even though the buyers remained silent, sellers remained firm and avoided any further reduction in offers.

Click here for re-bar brand wise details.

SteelMint's price assessment (Region wise)