Indian DRI, billet, rebar update - 1 Jan

India's induction furnace (IF) steel prices witnessed a d-o-d downtrend on 1 January 2025. Mills reduced offers by INR 100-500/tonne (t) across markets compared to the previous trading session.

Sponge iron prices registered a d-o-d decrease of INR 100-150/t, and the steepest fall was observed in the Bellary market.

Billet offers dropped by INR 100-200/t d-o-d, with the sharpest decline seen in the Ahmedabad and Rourkela cluster. Although, prices inch up in Raipur and Mandi markets by INR 100/t and 50/t respectively.

Rebar (Fe 500) tags fell by INR 200-500/t d-o-d, and the highest drop was recorded in Raigarh. However, Mumbai bucked the trend, with prices increasing by INR 200/t d-o-d.

Today, the market was sluggish, with fewer transactions concluded. Only need-based buying was observed amid the New Year's Day holiday. As per participants, prices are likely to be range-bound in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)