Indian DRI, billet, rebar update - 12 Mar

• Hyderabad region saw a INR 500/t rise in Billet and Rebar prices
  
  
• Prices anticipated to remain firm these week
  
  

India's induction furnace (IF) steel prices recorded variations d-o-d across markets on 12 March, backed by strong bookings received by manufacturers in recent days.

Sponge iron offers varied by INR 50-200/t d-o-d, with the sharpest rise of INR 200/t in Durgapur, where prices settled at INR 26,300/t. Meanwhile, prices dropped majorly in Chennai region by INR 200/t to INR 28,300/t.

Billet prices surged by INR 100-500/t d-o-d across locations, with the steepest increase of INR 500/t occurring in Hyderabad to INR 44,000/t.

Rebar (Fe 500) prices increased by INR 100-500/t d-o-d. Prices rose by INR 500/t in Hyderabad to INR 50,000/t.

Today, slight improvement in trading activity was observed in the second half of trading session. Market participation remained moderate at current prices. Meanwhile, manufacturers maintained higher offers after securing good bookings in recent days. Although, slow lifting of previously booked material noticed vary region wise in finished segment.

Under the current scenario, prices are expected to remain firm these week. However, the overall market direction will largely depend on raw material (Sponge iron and Billet) price movements.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,050/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)