Indian DRI, billet, rebar update - 5 Nov
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- IF steel prices rise by up to INR 600/t
- Moderate trade activities seen today
India's induction furnace (IF) steel prices surged on 5 November 2024. Offers announced by mills increased by INR 100-600/tonne (t) d-o-d across markets compared to the previous trading session.
Sponge iron prices rose by INR 200-600/t d-o-d, with the steepest hike observed in the Jharsuguda market except in Hyderabad market where prices inch down by INR 100/t.
Billet prices climbed up by INR 200-500/t d-o-d. The highest gain was recorded in the Hyderabad and Durgapur markets except in Chennai market witnessed down by INR 200/t.
Rebar (Fe 500) offers soared by INR 100-600/t, with the sharpest uptick seen in the Durgapur market.
Today, the market witnessed moderate trade activities amid a surge in prices of raw materials and finished steel. Notably, over the past couple of weeks in India, booking volumes have been dull. Participants anticipating prices might be supported at the current levels.
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BigMint's price assessment (region-wise)
