Indian DRI, billet, and rebar update - 6 Sep

India's induction furnace (IF) steel prices witnessed a decline on 6 September, 2024, with mills lowering their offers by INR 100-300/tonne (t) d-o-d across various markets compared to the previous trading session.

Sponge iron prices fell by INR 100-300/t in most of the regions except in Durgapur market where prices seen with marginal increased by INR 50/t.

Billet prices decreased by INR 100-200/t, with the sharpest declines recorded in the Mandi, Durgapur and Raigarh markets.

Rebar (Fe 500) offers dropped by INR 100-200/t, with the steepest declines in the Raipur, Raigarh and Delhi markets.

Today, the steel market remained subdued, with limited transactional activities ahead of the festive season across regions. Buyers are adopting a wait-and-watch strategy. Overall, the market is in a state of cautious anticipation, with buyers delaying purchases and prices struggling to gain momentum. The market is expected to remain volatile in the near term.

Click here for rebar brand-wise details

BigMint's price assessment (region-wise)