Indian DRI, billet, rebar update - 22 Nov

• Trade slows down amid price rises
  
  
• Market to stay range-bound in near term
  
  

India's induction furnace (IF) steel prices rose on 22 November 2024. Offers announced by mills increased by INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices fluctuated by INR 100-200/t across regions.

Billet tags climbed up by INR 50-200/t in key locations, except for Jalna and Raigarh market where prices fell INR 100/t and 200/t respectively.

Rebar (Fe 500) offers increased by INR 100-500/t, with the sharpest rise in the Hyderabad market.

Minimal trades were observed in the market today amid an uptrend in prices. Buying momentum was slow, as a moderate number of bookings had already been made yesterday which vary location wise. According to participants, the market is expected to move within the same range in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)