Indian DRI, billet, and rebar update - 18 Oct

India's induction furnace (IF) steel market witnessed variation in prices on 18 October, 2024. Offers announced by the mills fluctuated by INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices decreased by INR 50-200/t except Raipur and Raigarh market where prices were marginal increased by INR 50/t and INR 100/t respectively.

Billet prices dropped by INR 50-500/t in most of the locations except in Ramgarh and Raigarh market where prices increased by INR 50/t.

Rebar (Fe 500) offers declined by INR 100-500/t across the locations except in Delhi market where prices slightly hiked by INR 100/t.

The market today remained sluggish and transaction volumes were low amid volatility in steel prices. There has been consistently low buying interest for finished steel over the past couple of days which has instilled caution in buyers. However, sellers are adjusting trade discounts in the spot market in order to push up sales.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)