Indian DRI, billet and rebar update - 2 Nov
India’s induction furnace (IF) steel market showed mixed trends in prices on 2 November, 2023, as offers floated by the mills varied in the range of INR 50-600/...
India's induction furnace (IF) steel market showed mixed trends in prices on 2 November, 2023, as offers floated by the mills varied in the range of INR 50-600/tonne (t) d-o-d compared to the previous trading session.
Sponge iron prices varied in the range of INR 50-300/t. A price rise of INR 300/t was seen in Odisha's Jharsuguda market. Meanwhile, the Raipur market declined by INR 200/t.
Billet prices varied in the range of INR 50-500/t. The steepest fall was seen in the Hyderabad market. On the other hand, the Raigarh and Mandi (Gobindgarh) markets increased slightly by INR 200/t.
Rebar (Fe 500) offers dropped in the range of INR 100-600/t, with the Goa market witnessing the sharpest drop.
Moderate trades were observed in the spot market as marginal improvement in buying activities was seen during the second half of the day. Currently, participants are waiting for more clarity on the market direction as it lacks momentum at the moment.
Click here for re-bar brand wise details.
