Indian DRI, billet, rebar update - 16 Dec

India's induction furnace (IF) steel market witnessed a hike in prices on 16 December, 2024. Offers announced by the mills trended up by INR 50-1,000/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices rose by INR 50-350/t across regions, with the sharpest hike seen in the Raigarh market.

Billet prices increased by INR 200-600/t with the steepest increase witnessed in Ahmedabad and Rourkela market by INR 600/t.

Rebar (Fe 500) offers increased by INR 200-1,000/t with the sharpest rise observed in the Raigarh market.

Today, moderate trade activities were seen along with increasing prices. Mills were trying to push the market up owing to the improvement in buying activities during the last trading session which kept finished steel prices supported. As per market participants, prices are likely to hover within a similar range in the days to come.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)