Indian DRI, billet, rebar update - 9 Dec

• Buyers inactive at current prices, spot trades slow
  
  
• Market to stay narrowly range-bound in near term
  
  

India's induction furnace (IF) steel prices witnessed mixed trends on 9 December 2024. Offers announced by mills fluctuated by INR 50-400/tonne (t) d-o-d across markets compared to the previous trading session.

Sponge iron prices varied by INR 50-150/t, with the highest rise seen in the Jharsuguda market by INR 100/t and decrease in Ramgarh market by INR 150/t.

Billet tags swung by INR 100-400/t. The sharpest hike of INR 200/t was seen in the Mandi cluster, while the steepest fall of INR 400/t was noted in Ahmedabad.

Rebar (Fe 500) offers fluctuated in the range of INR 100-300/t.

Slow trading was witnessed in the spot market today. Buyers remained inactive at the current prices, which led to minimal spot trades. According to participants, the market is expected to move within the same range in the near term.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)