Indian DRI, billet, rebar update - 3 Feb

• Prices decline amid lack of finished steel demand
  
  
• Market sees need-based buying, muted inquiries
  
  

India's induction furnace (IF) steel prices declined d-o-d on 3 February 2025. Across markets, mills reduced their offers by INR 50-600/tonne (t) compared to the previous trading session.

Sponge iron prices dropped by INR 100-200/t d-o-d, with the steepest fall of INR 200/t in the Bellary, Raipur, Raigarh and Hyderabad regions.

Billet tags plunged by INR 100-600/t d-o-d with the major decrease in Ahmedabad market by INR 600/t.

Rebar (Fe 500) offers decreased by INR 100-500/t d-o-d, and the sharpest decline was recorded in Hyderabad.

Today, the spot market witnessed subdued inquiries and need-based buying. Prices dropped sharply amid poor demand in the finished steel segment over the past couple of days. In the near term, prices are likely to remain volatile.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)