Indian DRI, billet, and rebar update - 22 Oct

India's induction furnace (IF) steel segment (semi-finished and finished longs) witnessed a downward trend across commodities today. Mills' offers dropped by up to INR 1,000/tonne (t) compared to the previous trading session.

Sponge iron prices decreased in the range of INR 100-800/t, with the sharpest fall seen in the Durgapur market.

Billet offers fell by INR 400-1,000/t. The steepest drop was seen in Hyderabad.

Rebar (Fe 500) tags were down by INR 200-800/t, with the Durgapur market witnessing the highest decline.

Negative sentiments in the north Indian market weighed on deal momentum, with buyers exercising caution amid the high volatility. Declining prices may drag down profitability until finished steel demand improves.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)