Indian DRI, billet, rebar update - 30 Oct

India's induction furnace (IF) steel market witnessed a drop in prices on 30 October, 2024. Offers announced by the mills fell by INR 100-200/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices registered a decline of INR 100/t d-o-d across regions.

Billet prices decreased by INR 100-200/t, with the sharpest fall seen in the Mandi, Raipur and Raigarh market.

Rebar (Fe 500) offers declined INR 100-200/t and the steepest fall was witnessed in Rourkela, Durgapur, Delhi and Mandi by INR 200/t.

The market remained silent today as buyers adopted a wait-and-watch approach amid festive holidays this week. Also, prices have been dropping consistently over the past couple of days compelling sellers to offer trade discounts in the spot market. As per market participants, similar trends are likely to prevail in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)