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Indian DRI, billet, rebar update - 8 Nov

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BigMint Bureau

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8 Nov 2024, 18:06 IST

Indian DRI, billet, rebar update - 8 Nov

IF steel prices rise on moderate trades

Prices likely to supportive in near term

India's induction furnace (IF) steel prices surged on 8 November 2024. Offers announced by mills increased by INR 200-1,000/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices rose by INR 400-650/t, with the steepest hike in the Durgapur market.

Billet tags soared by INR 200-1,000/t, and the highest gain was observed in the Mumbai market.

Rebar (Fe 500) offers climbed up by INR 300-900/t, with the sharpest rise in the Raipur market.

This increase was largely driven by moderate trade activities; manufacturers secured orders for the future and were unwilling to reduce prices. Based on the current scenario, prices are expected to supportive in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)