Indian DRI, billet, and rebar update - 9 Oct

India's induction furnace (IF) steel witnessed lower prices d-o-d as on 9 October, 2024. Offers announced by mills dropped by INR 50-550/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices witnessed a fall of INR 50-550/t with the steepest drop in Raigarh market.

Billet prices decreased by INR 200-500/t, with the sharpest decrease seen in the Mumbai and Rourkela markets.

Rebar (Fe 500) offers declined by INR 100-500/t and the steepest fall was seen in the Raipur market.

Today, markets were subdued amid dropping steel prices. Lack of buying enquiries in the spot market was noticed. Buyers were hesitant to commit large orders at current price levels. Market participants expect that prices will remain volatile in the near term.

Click here for rebar brand-wise details

BigMint's price assessment (region-wise)