Indian DRI, billet and rebar update - 31 Oct

India's induction furnace (IF) steel market prices moved in a downward direction on 31 October, 2023, as offers floated by the mills dropped in the range of INR 100-700/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices fell in the range of INR 150-400/t, with the Durgapur market witnessing the steepest fall.

Billet prices declined in the range of INR 100-500/t. The sharpest fall was seen in the Hyderabad and Ahmedabad markets.

Rebar (Fe 500) offers declined in the range of INR 100-700/t, with the Jalna market witnessing the sharpest drop.

Overall, the trading activities were dull today. The buyers remained inactive as they await further clarity on the market trend.

Click here for re-bar brand wise details.

SteelMint's price assessment (Region wise)