Indian DRI, billet, rebar update - 26 Nov
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- Market softens amid drop in steel prices
- Wary buyers hold off on large purchases
India's induction furnace (IF) steel segment witnessed price reductions across the board on 26 November 2024. Offers announced by mills dropped by INR 100-500/tonne (t) compared to the previous trading session.
Sponge iron prices fell INR 100-300/t d-o-d, with the steepest drop in the Jharsuguda market.
Billet tags decreased by INR 100-500/t d-o-d. The sharpest plunge was observed in the Mumbai and Rourkela clusters.
Rebar (Fe 500) offers declined by INR 100-300/t d-o-d, and the steepest fall was in the Chennai region.
Today, the market was subdued amid a reduction in steel prices. Minimal buying inquiries were observed, and buyers were reluctant to commit to large orders at the prevailing prices. Market participants expect prices to remain volatile in the near term.
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BigMint's price assessment (region-wise)
- Market softens amid drop in steel prices