Indian DRI, billet, rebar update - 13 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 13 March.

Sponge iron offers decreased in the range of INR 50-200/t d-o-d, with the sharpest fall of INR 200/t in Raipur and Ramgarh regions, where prices settled at INR 26,900/t and INR 26,300/t respectively.

Billet prices dropped by INR 100-350/t d-o-d across locations, with the steepest decrease of INR 350/t occurring in Ramgarh to INR 41,200/t.

Rebar (Fe 500) prices fell by INR 200-500/t d-o-d. Prices major dropped by INR 500/t in Raigarh to INR 45,500/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 show mixed trends this week.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 14,950/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)