Indian DRI, billet, rebar update - 11 Dec

• Spot market records moderate trades d-o-d
  
  
• Slight Improvement in buying activities
  
  

India's induction furnace (IF) steel prices declined on 11 December 2024. Mills reduced offers by INR 50-500/tonne (t) across markets compared to the previous trading session.

Sponge iron prices dropped by INR 100-350/t d-o-d, and the sharpest fall was observed in Bellary.

Billet tags decreased by INR 50-500/t d-o-d, with the steepest plunge recorded in the Hyderabad market except in Ahmedabad and Mandi markets where prices increased by INR 300 and INR 100/t respectively.

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

Today, Moderate trades were observed in the spot market in the latter half but at lower price levels. Slight improvement in buying activities specifically in Central and Northern belt as seen. As per market participants, prices might be supportive in the short term depends upon market dynamics.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)