Indian DRI, billet, rebar update - 17 Dec

India's induction furnace (IF) steel market witnessed variations in prices on 17 December, 2024. Offers announced by the mills varied by INR 100-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices fluctuated by INR 100-150/t across regions, with the sharpest hike seen in the Hyderabad and Bellary markets.

Billet prices saw variation by INR 50-300/t, with the steepest increase witnessed in Jalna by INR 300/t and downside in Rourkela and Ramgarh by INR 200/t.

Rebar (Fe 500) offers varied by INR 100-500/t, with the sharpest rise of INR 500/observed in the Hyderabad and Chennai markets, while prices in Mandi fell by INR 200/t.

Today, moderate trade activities in the spot market was seen amid fluctuation in prices of raw materials (sponge iron and billet). Suppliers raised their offers in the finished long steel segment specifically owing to the hike in raw material prices and buyers made hefty bookings. As per market participants, prices are likely to remain supported at current levels in the short term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)