Indian DRI, billet, rebar update - 26 Dec

• Mills face selling pressure for finished products
  
  
• Buyers wary, prices drop amid lack of inquiries
  
  

India's induction furnace (IF) steel prices witnessed a drop on 26 December 2024. Mills reduced offers by INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices registered a d-o-d decline of INR 100-250/t, and the steepest fall was in the Bellary market.

Billet offers decreased by INR 50-500/t d-o-d, with the sharpest drop in the Chennai and Hyderabad region.

Rebar (Fe 500) prices varied by INR 100-300/t d-o-d, and the steepest decrease was witnessed in the Jalna region. However, Ahmedabad's tags rose INR 300/t.

Today, prices dropped amid a lack of buying inquiries in the spot market. Mills faced selling pressure, specifically in the finished segment, though this trend varied across regions. Consequently, buyers were cautious regarding bulk purchases of raw materials.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)