Indian DRI, billet, rebar update - 4 Nov
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- Quiet market today, need-based buying seen
- Offers fall amid weak demand, ample stocks
India's induction furnace (IF) steel market witnessed a downtrend on 4 November 2024. Offers eroded by INR 100-500/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices registered a decline of INR 100-200/t, with the highest fall seen in the Durgapur and Ramgarh market.
Billet offers decreased by INR 100-400/t, with the sharpest drop recorded in the Durgapur market.
Rebar (Fe 500) tags slid by INR 200-500/t, and the steepest plunge was witnessed in the Rourkela market.
The IF route steel segment was quiet today amid a drop in prices in the overall steel market. Weak demand and high inventories at mills pushed sellers to reduce their offers, while buyers opted for need-based procurement. Given the current scenario, prices will likely remain under pressure in the near term.
Click here for brand-wise rebar details
BigMint's price assessment (region-wise)
