Indian DRI, billet, and rebar update - 21 Oct
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- Finished steel demand weakens
- Prices decrease across markets
India's induction furnace (IF) steel segment witnessed a reduction in prices on 21 October 2024. Offers announced by mills dropped by INR 100-1,000/tonne (t) across markets compared to the previous trading session.
Sponge iron prices fell by INR 300-400/t, with the steepest drop noted in the Raigarh market.
Billet prices decreased by INR 400-1,000/t, with the sharpest plunge seen in the Hyderabad market.
Rebar (Fe 500) offers declined by INR 100-600/t across the locations except in Mumbai market where a price slightly increased by INR 300/t whereas major fall in Raigarh.
Today's market was quiet amid a drop in steel prices, and lower trade volumes were observed. Weak demand in finished steel pushed sellers to reduce their offers. Meanwhile, buyers adopted a wait-and-watch approach. Considering the current market scenario, prices are likely to remain under pressure in the near term.
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BigMint's price assessment (region-wise)
