Indian DRI, billet, rebar update - 18 Nov

• Prices fluctuate as market remains largely quiet
  
  
• Slow finished sales prompt need-based buying
  
  

India's induction furnace (IF) steel sector witnessed fluctuating prices on 18 November 2024. Offers announced by mills varied by INR 50-500/tonne (t) across markets compared to the previous trading session.

Sponge iron prices fell by INR 50-200/t, with the steepest drop seen in the Bellary market.

Billet tags increased by INR 50-500/t across regions, with the sharpest hike seen in the Mumbai market. Hyderabad, however, bucked the trend, with prices sliding by INR 500/t.

Rebar (Fe 500) offers decreased by INR 100-500/t. The steepest fall was observed in the Hyderabad region.

The market was quiet today, with prices in the raw material segment remaining stable or fell in a few locations. This was despite buyers shifting to need-based procurement given the slow sales of finished steel. Based on the current scenario, prices are likely to remain volatile in the short term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)