Indian DRI, billet, rebar update - 13 Feb

• Cautious buying limits trading momentum
  
  
• Prices expected to trend volatile this week
  
  

India's induction furnace (IF) steel market witnessed a lack of trading activities on 13 February.

Sponge iron offers decreased in the range of INR 50-200/t d-o-d, with the sharpest fall of INR 200/t heard in Chennai, Raigarh and Durgapur, where prices settled at INR 27,800/t, INR 26,850/t. INR 25,500/t respectively.

Billet prices declined by INR 100-400/t d-o-d across locations, with the steepest drop of INR 400/t occurring in Jalna, where prices stood at INR 43,400/t.

Rebar (Fe 500) prices fell by INR 100-500/t d-o-d. Prices decreased by INR 500/t in Rourkela to INR 45,000/t.

Prices softened across major markets on sluggish trading activity over the past two-three days. Cautious buying behaviour 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. In view of 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 14,200/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)