Indian DRI, billet, rebar update - 24 Dec

• Buyers exercise caution, market remains silent today
  
  
• Sellers offer trade adjustment discounts, reduce prices
  
  

India's induction furnace (IF) steel prices witnessed a drop on 24 December 2024. Mills reduced offers by INR 50-400/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices registered a d-o-d decline of INR 100-300/t, and the steepest fall was in the Raigarh market.

Billet offers decreased by INR 100-400/t d-o-d, with the sharpest fall in the Raigarh region. Mumbai and Ahmedabad, among a few other markets, saw tags increase slightly by INR 100/t and 300/t, respectively.

Rebar (Fe 500) tags declined INR 100-300/t, and the steepest decrease was witnessed in the Raipur and Hyderabad clusters. However, Ahmedabad's prices rose INR 300/t.

The market remained silent today, as buyers adopted a wait-and-watch approach. Slow procurement in the finished steel segment over the past few days pushed sellers to either provide trade adjustment discounts or reduce prices in the spot market. As per participants, prices are likely to remain range-bound in the short term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)