Indian DRI, billet, rebar update - 2 Mar

• Active weekend trading drives price uptrend
  
  
• Buying activity slows due to Holi festival
  
  

India's induction furnace (IF) steel prices surged d-o-d across markets on 2 March, backed by firm demand.

Sponge iron offers increased by INR 600-1,950/t d-o-d, with the sharpest rise of INR 1,950/t in Raigarh, where prices settled at INR 27,200/t.

Billet prices surged by INR 800-2,200/t d-o-d across locations, with the steepest increase of INR 2,200/t occurring in Raigarh to INR 41,400/t.

Rebar (Fe 500) prices increased by INR 800-2,300/t d-o-d. Prices sharply rose by INR 2,300/t in Raigarh to INR 45,300/t.

Steel prices rose sharply across various regions today. Amid ongoing geopolitical tensions, key steel markets across India experienced active trading activity last Saturday, particularly in semi-finished and finished steel products. Strong bookings were heard, prompting sellers to increase their offers today.

However, buying activity remained limited today at the higher prices, primarily due to the upcoming Holi festival, which has temporarily slowed market participation.

Given the current market scenario, prices are expected to remain supported during the week, backed by firm bookings and sustained sentiment.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,000/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)