Indian DRI, billet, rebar update - 21 Nov

• Active response at yesterday's OMC auction
  
  
• Finished steel segment strengthens, rebar surges d-o-d
  
  

India's induction furnace (IF) steel prices surged on 21 November 2024. Offers announced by mills increased by INR 50-900/tonne (t) across markets compared to the previous trading session.

Sponge iron prices rose by INR 100-250/t d-o-d in key regions except in Hyderabad market where prices slight decreased by INR 200/t.

Billet offers increased by INR 250-800/t, with the steepest hike recorded in the Jalna market.

Rebar (Fe 500) tags climbed up by INR 100-900/t, with the sharpest rise noted in the Jalna market except in Hyderabad market where prices decreased by INR 500/t.

Today, prices in the northern and central belt lifted in the morning, as the active response in yesterday's OMC iron ore auction led to positive sentiments. In particular, the finished steel segment strengthened after a long time, though the degree of improvement varied regionally.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)