Indian DRI, billet, rebar update - 14 Nov

India's induction furnace (IF) steel sector witnessed a reduction in prices on 14 November 2024. Offers announced by the mills slid by INR 150-600/tonne (t) across markets compared to the previous trading session.

Sponge iron prices fell INR 150-500/t, with the steepest drop seen in the Jharsuguda market.

Billet prices decreased by INR 150-600/t, with the sharpest decline seen in the Ramgarh market.

Rebar (Fe 500) offers declined by INR 200-500/t. The steepest fall was observed in the Raipur and Hyderabad markets.

In today's market buyers adopted a wait-and-watch approach amid downfall in steel prices. Mills were witnessing inventory pressure and liquidity issues which varied as per location. Also, slow trade activity in finished segment over the past few days drove sellers to quote prices on the lower side.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)