Indian DRI, billet, rebar update - 30 Dec

• Offers rise on improved buying in previous session
  
  
• Prices likely to remain supportive in near term
  
  

India's induction furnace (IF) steel prices rose d-o-d on 30 December 2024. Mills hiked offers by INR 50-550/tonne (t) across markets compared to the previous trading session.

Sponge iron prices registered a d-o-d increase of INR 50-400/t, and the steepest hike was observed in the Jharsuguda markets.

Billet offers climbed up by INR 100-550/t d-o-d, with the sharpest hike seen in the Raigarh cluster.

Rebar (Fe 500) tags rose by INR 100-500/t d-o-d, and the highest increase was recorded in Raipur.

Today, moderate trade activities occurred amid increasing prices. Mills tried to push the market, owing to improved buying in the previous trading session. The latter also supported the higher prices today, especially in finished longs. As per participants, prices are likely to supported around these levels in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)