Indian DRI, billet, rebar update - 11 Mar

• Buyers make need-based purchases at higher prices
  
  
• Slow lifting, lack of fresh orders push sellers to trim prices
  
  

India's induction furnace (IF) steel prices showed mixed trends d-o-d across markets amid weaker sales on 11 March.

Sponge iron offers decreased in the range of INR 100-750/t d-o-d, with the sharpest fall of INR 750/t in Raipur, where prices settled at INR 27,050/t.

Billet prices dropped by INR 250-500/t d-o-d across locations, with the steepest decrease of INR 500/t occurring in Mumbai, Raigarh, Rourkela and Hyderabad regions to INR 45,000/t, INR 41,200/t, INR 41,000/t and INR 43,500/t, respectively.

Rebar (Fe 500) prices varied by INR 100-600/t d-o-d. Prices decreased by INR 600/t in Raigarh to INR 45,600/t.

Today, trading activity remained dull across regions. Overall market momentum was subdued, particularly in finished and semi-finished steel, as buyers focused on need-based purchases at increased prices.

Although manufacturers are not facing significant sales pressure, the slow lifting of previously booked material and the lack of fresh bookings over the past two days prompted them to either reduce their offers slightly or adjust trade discounts to stimulate sales.

As per the current scenario, prices are likely to remain volatile this week.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,800/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)