Indian DRI, billet, rebar update - 28 Oct

• Sponge iron prices drop INR 50-150/t
  
  
• Billet offers fluctuate by INR 100-500/t
  
  

India's induction furnace (IF) steel market witnessed dull sentiments today, as mills' offers varied by INR 50-500/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices fell INR 50-150/t d-o-d, except in the Raigarh and Raipur markets, which witnessed hikes of INR 100/t and INR 300/t, respectively.

Billet tags varied in the range of INR 100-500/t d-o-d. The steepest fall was seen in the Hyderabad market by INR 500/t.

Rebar (Fe 500) offers decreased by INR 100-400/t d-o-d, except in the Raigarh market, where prices edged up INR 100/t.

Overall trade remained muted today, with minimal movement observed. Procurement was on need basis at current price levels ahead of the festive season. Market participants expect prices to remain volatile in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)