Indian DRI, billet, rebar update - 13 Apr

• Buyers focused on need-based purchases
  
  
• Sluggish trading activities noticed d-o-d across regions
  
  

India's induction furnace (IF) steel prices showed mixed trends d-o-d across regions on 13 April.

Sponge iron prices increased in the range of INR 100-500/t d-o-d, with the sharpest rose of INR 500/t seen in Ramgarh, where prices settled at INR 27,650/t.

Billet prices rose by INR 200-800/t d-o-d across locations, with the highest increase of INR 800/t recorded in Ramgarh market where prices reached INR 42,800/t. However, prices lowered in Jalna location by INR 500/t to INR 45,500/t.

Rebar (Fe 500) prices varied by INR 100-700/t d-o-d. Prices dropped by INR 700/t in Mumbai to INR 52,800/t. Meanwhile, prices rose highest in 600/t in Raigarh and Rourkela to INR 47,400/t and INR 48,300/t respectively.

Today, trading activity remain sluggish across regions despite slight prices rose in certain locations. Overall market momentum continued to subdued, particularly in finished and semi-finished steel as buyers focused on need-based purchases at prevailing prices. Buyers adopted a wait-and-watch approach. So manufacturers either lowered their offers or increased trade discounts to stimulate sales.

Market participants anticipate volatility in prices these week due to the lower booking orders specifically in finished segment.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 16,150/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)