Indian DRI, billet, rebar update - 12 Dec

India's induction furnace (IF) steel prices increased on 12 December 2024. Mills hiked offers by INR 100-500/tonne (t) across markets compared to the previous trading session.

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

Billet tags increased by INR 200-500/t d-o-d, with the steepest rise witnessed in the Hyderabad market except in Raipur market where price inch down by INR 50/t.

Rebar (Fe 500) offers increased by INR 100-300/t d-o-d. The sharpest hike of INR 300/t was witnessed in the Jalna region except in Chennai market where price down by INR 200/t.

Today, limited trades were observed in the spot market at current price levels even as prices varied across regions. However, still there is selling pressure in the market owing to higher inventories at mills. As per market participants, prices might remain rangebound in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)