Indian DRI, billet, rebar update - 11 Feb

• Cautious buying limits trading momentum
  
  
• Prices expected to remain rangebound
  
  

India's induction furnace (IF) steel market witnessed a lack of trading activities on 11 February.

Sponge iron offers decreased in the range of INR 100-400/t d-o-d, with the sharpest fall of INR 400/t heard in Durgapur, where prices settled at INR 25,900/t.

Billet prices declined by INR 100-700/t d-o-d across locations, with the steepest drop of INR 700/t occurring in Ahmedabad and Mumbai regions, where prices were stood at INR 43,800/t in both the locations.

Rebar (Fe 500) prices fell by INR 100-400/t d-o-d. Prices decreased by INR 400/t in Raipur to INR 45,300/t.

Prices softened across major Indian markets on sluggish trading activity over the past two days. Cautious buying behavior was observed at current price levels, with buyers refraining from aggressive procurement. Sellers either reduced their offers or increased discounts, depending on prior booking orders and payment terms. As per current scenario, prices are likely to hover similar levels.

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)