Indian DRI, billet, and rebar update - 16 Sep

India's induction furnace (IF) steel prices witnessed a decline on 16 September 2024, with mills reducing their offers by INR 50-500/tonne (t) d-o-d across various markets except in Sponge iron in few locations compared to the previous trading session.

Sponge iron prices varied by INR 50-300/t. The major increase was seen in Raipur and Raigarh market by INR 200/t whereas fall in Ramgarh market by INR 300/t.

Billet prices decreased by INR 50-500/t, with the sharpest declines recorded in Hyderabad market.

Rebar (Fe 500) offers dropped by INR 100-500/t, with the steepest declines in the Hyderabad market.

Today, weak buying interest exerted a downward pressure, leading to further corrections in spot offerings for semi-finished and finished steel. Market activity remained slow, and sources anticipate that the market will remain volatile in the near term.

Click here for rebar brand-wise details

BigMint's price assessment (region-wise)