Indian DRI, billet and rebar update - 19 November

India's induction furnace (IF) steel market witnessed a mixed trend in prices today, as offers floated by the mills varied in the range of INR 50-550/tonne d-o-d on 19 November, 2024

Sponge iron offers dropped by INR 50-550/t except the Jharsuguda market were the prices increased by INR 300/t.

Moreover, billet offers fluctuated in the range of INR 50-250/t. The major price drop of INR 250/t was seen in Ramgarh billet market where as Ahmedabad market witnessed an increase in price by INR 200/t.

Also, rebar (Fe 500) offers edged down in the range of INR 100-300/t across regions. Prices witnessed a major drop of INR 300/t in Muzaffarnagar and Delhi markets.

Slight improvement in buying activity was witnessed in the market in the latter half of the day, owing to moderate trading activities in the northern market amid scarcity of melting scrap. As per market participants, prices may remain rangebound in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)