Indian DRI, billet, and rebar update - 23 Oct

India's induction furnace (IF) steel market witnessed a drop in prices on 23 October, 2024. Offers announced by the mills fell by INR 100-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices registered a decline of INR 100-200/t d-o-d across regions except in Bellary where prices increased marginally by INR 200/t.

Billet prices decreased by INR 100-500/t except in Hyderabad where price increased by INR 500/t.

Rebar (Fe 500) offers declined INR 200-500/t and the steepest fall was witnessed in Jalna market.

The continued decline in steel prices instilled caution in buyers and they shied away from making bulk purchases in the finished steel segment. The market is under pressure owing to subdued trades and suppliers are adjusting trade discounts depending on payment and delivery terms.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)