Indian DRI, billet, rebar update - 2 Dec

India's induction furnace (IF) steel sector witnessed price correction across commodities today (2 December, 2024). Offers announced by the mills dropped by INR 100-500/tonne (t) compared to the previous trading session.

Sponge iron prices fell by INR 100-400/t d-o-d, with the steepest drop seen in the Ramgarh market.

Billet tags decreased by INR 100-450/t d-o-d, with the sharpest plunge observed, again, in Ramgarh.

Rebar (Fe 500) offers declined by INR 100-500/t d-o-d, and the steepest drop was in the Hyderabad market.

Today, prices decreased in the morning but in the latter half of trading session a slight improvement in buying activities was observed. The mills increased their offers in different regions. However, the sellers are still under pressure to liquidate material due to higher inventories in the mills and, therefore, adjusting trade discounts accordingly.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)