Indian DRI, billet, rebar update - 27 Nov

• Prices fall INR 100-500/t across commodities
  
  
• Only Chennai sees INR 300/t hike for billets
  
  

India's induction furnace (IF) steel segment witnessed price reductions across the board on 27 November 2024. Offers announced by mills dropped by INR 100-500/tonne (t) compared to the previous trading session.

Sponge iron prices fell INR 100-500/t d-o-d, with the steepest drop in the Jharsuguda market.

Billet tags decreased by INR 100-400/t d-o-d, with the sharpest plunge observed in Mumbai. However, the Chennai cluster recorded an increase of INR 300/t.

Rebar (Fe 500) offers declined by INR 100-300/t d-o-d, and the steepest fall was in the Raipur and Raigarh region.

Today's market was slow amid a decline in steel prices. Weak demand and increased inventories specifically in finished segment pushed mills to reduce their offers. However, buyers are engaging only in need-based procurement. Based on the current scenario, prices are likely to remain volatile in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)