Indian DRI, billet, rebar update - 29 Nov

• Limited trades prompt price cuts in North India
  
  
• Price decline further dampens spot trades, offers
  
  

India's induction furnace (IF) steel market showed a downtrend across commodities today. Mills' offers dropped by up to INR 500/tonne (t) compared to the previous trading session.

Sponge iron prices decreased by INR 100-150/t, with the highest fall seen in the Durgapur and Raipur markets.

Billet tags declined by INR 100-500/t. The steepest drop was seen in Raipur.

Rebar (Fe 500) offers dipped by INR 100-300/t, with the Mumbai market witnessing the highest plunge.

Trades were limited today, and prices in the northern region declined. This price downtrend further dampened spot trades and softened offers in major locations. The outlook remains unclear; hence, market participants are waiting and closely monitoring the situation before taking positions for future bookings.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)