Indian DRI, billet, rebar update - 10 Dec

• Buyers exercise caution amid fall in steel prices
  
  
• Sellers face inventory pressure
  
  

India's induction furnace (IF) steel prices declined on 10 December 2024. Mills reduced offers by INR 100-500/tonne (t) across markets compared to the previous trading session.

Sponge iron prices dropped by INR 150-400/t d-o-d, and the sharpest fall was observed in Durgapur.

Billet tags decreased by INR 150-350/t d-o-d, with the steepest plunge recorded in the Raigarh market.

Rebar (Fe 500) offers dived by INR 100-500/t d-o-d. The sharpest dip of INR 500/t was witnessed in the Rourkela region.

The market remained silent today, as buyers adopted a wait-and-watch approach amid a fall in steel prices. Sellers encountered inventory pressure and liquidity issues, and slow activity in the finished segment pushed sellers to keep prices on the lower side.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)