Indian DRI, billet, rebar update - 6 Nov

• Prices surge by INR 100-500/t
  
  
• Buying slows amid rising prices
  
  

India's induction furnace (IF) steel prices surged on 6 November 2024. Offers announced by mills increased by INR 100-600/tonne (t) across markets compared to the previous trading session.

Sponge iron prices rose by INR 100-500/t d-o-d, with the steepest hike observed Hyderabad market.

Billet offers climbed up by INR 100-500/t d-o-d. The highest gain was recorded in the Hyderabad market.

Rebar (Fe 500) tags soared by INR 100-600/t, with the sharpest uptick seen in the Raigarh market.

Today, limited trades were observed amid the uptrend in prices, and buying momentum was slow. According to participants, the market is expected to move within the same range.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)