Indian DRI, billet, rebar update - 4 Nov

• 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)