Indian DRI, billet, and rebar update - 7 Nov

Steel prices in India's induction furnace (IF) market saw an upward trend today, with offers by mills increasing in the range of INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices varied by INR 50-250/t. Prices in the Raigarh market rose by INR 250/t. However, same saw a drop of INR 100/t in Bellary and Jharsuguda.

Billet prices rose by INR 100-500/t. The sharpest rise was seen in the Chennai market.

Rebar (Fe 500) offers increased in the range of INR 200-500/t. The sharpest increase was noticed in Odisha's Rourkela market.

Moderate trades were observed in the spot market today. Sellers of steel billets raised offers today which gave an edge to finished steel sellers to make a similar move upon receiving adequate bookings. Considering the ongoing scenario, market participants expect prices to fluctuate in the near term.

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BigMint's price assessment (region wise)