Indian DRI, billet, rebar update - 17 Jan

• Mills facing selling pressure for finished steel
  
  
• Buyers wary about bulk raw material purchases
  
  

India's induction furnace (IF) steel prices fell d-o-d on 17 January 2025. Mills reduced their offers by INR 50-500/tonne (t) across markets compared to the previous trading session.

Sponge iron prices varied by INR 50-100/t d-o-d across regions.

Billet offers dropped by INR 100-500/t d-o-d with the major fall in Chennai market by INR 500/t.

Rebar (Fe 500) tags declined by INR 100-400/t d-o-d. The highest drop of INR 400/t was observed in the Ahmedabad cluster.

Today, prices declined due to the lack of buying inquiries in the spot market. For the past couple of days, mills have been facing selling pressure, especially for finished steel, which has led buyers to exercise caution regarding bulk purchases of raw materials. As per participants, the market could slow down further in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)