Indian DRI, billet, rebar update - 23 Feb

• Cautious buying limits trading momentum
  
  
• Market expected to remain slow
  
  

India's induction furnace (IF) steel prices fell d-o-d across product segments due to low demand on 23 February.

Sponge iron offers varied in the range of INR 100-300/t d-o-d, with the sharpest fall of INR 300/t in Durgapur, where prices settled at INR 25,100/t.

Billet prices declined by INR 100-450/t d-o-d across locations, with the steepest drop of INR 450/t seen in Raigarh where prices reached INR 39,700/t.

Rebar (Fe 500) prices fell by INR 100-600/t d-o-d. Prices sharpest decreased by INR 600/t in Raigarh to INR 43,600/t.

Today, buying enquiries were sluggish across commodities. Buyers limited aggressive purchases at current price levels and adopted a wait-and-watch approach in anticipation of further price correction. Sellers have either lowered their offers or increased trade discounts based on previous booking volumes and payment terms. As per current scenario, market expected to remain slow further.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,600/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)