Indian DRI, billet, rebar update - 3 Jan

India's induction furnace (IF) steel prices witnessed a d-o-d downtrend on 3 January 2025. Mills reduced offers by INR 100-500/tonne (t) across markets compared to the previous trading session.

Sponge iron prices registered a d-o-d decrease of INR 100-350/t, and the steepest fall was observed in the Ramgarh market.

Billet offers dropped INR 100-300/t d-o-d, with the sharpest decline seen in the Raigarh and Ramgarh markets. However, prices inched up in Jalna by INR 100/t.

Rebar (Fe 500) tags fell by INR 100-500/t d-o-d; the highest drop was recorded in Raigarh. However, Chennai and Hyderabad bucked the trend, with prices in that market increasing by INR 300/t d-o-d.

Most domestic hubs remained dull today as buyers adopted a wait-and-watch approach amid the downtrend in steel prices. Sellers informed that they were adjusting trade discounts depending upon payment and delivery terms. As per market participants, prices are likely to remain volatile in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)