Indian DRI, billet, rebar update - 19 Aug

India's induction furnace (IF) steel market experienced moderate trading today. Offers varied in the range of INR 50-500/tonne (t) d-o-d.

Sponge iron offers increased by INR 50-300/t d-o-d. Prices increased the steepest, by INR 300/t, in Hyderabad market.

Billet tags surged by INR 50-500/t d-o-d, with the highest rise of INR 500/t in the Ahmedabad market.

Rebar (Fe 500) prices increased by INR 100-400/t d-o-d and the major hiked seen in Raigarh market by INR 400/t.

Today witnessed a slight improvement in buying activity, varying across regions. Prices remained supported due to tight availability of raw materials in the spot market. There has been some relief in inventory pressure over the past few days. Overall, prices are expected to remain rangebound in the near term.

The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 13,400/t.

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BigMint's price assessment (region-wise)