Indian DRI, billet, rebar update - 18 Dec

• Consistent moderate trade momentum drives up tags
  
  
• Current levels may remain supported in short term
  
  

India's induction furnace (IF) steel market witnessed a surge in prices on 18 December 2024. Offers announced by mills increased by INR 100-800/tonne (t) across markets compared to the previous trading session.

Sponge iron prices rose INR 100-350/t d-o-d across regions, with the sharpest hike seen in the Ramgarh market.

Billet tags climbed up by INR 400-650/t d-o-d, with the steepest uptick noted in the Raigarh cluster.

Rebar (Fe 500) offers increased by INR 100-800/t d-o-d, with the highest rise observed in the Durgapur region.

This increase was largely driven by moderate trade activities over the past couple of days, specifically in the northern and central belts of India, and manufacturers securing future bookings. The favourable market conditions prompted mills to keep largely prices on the higher side. Based on the current scenario, current levels may remain supported in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)