Indian DRI, billet, rebar update - 24 Feb

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

India's induction furnace (IF) steel market witnessed a lack of trading activities on 24 February.

Sponge iron offers decreased in the range of INR 100-500/t d-o-d, with the sharpest fall of INR 500/t heard in Raigarh, where prices settled at INR 25,800/t.

Billet prices declined by INR 100-500/t d-o-d across locations, with the steepest drop of INR 500/t occurring in Raipur, where prices stood at INR 40,000/t.

Rebar (Fe 500) prices fell by INR 100-600/t d-o-d. Prices decreased by INR 600/t in Raipur to INR 43,700/t.

Prices softened across major markets on sluggish trading activity over the past one week. Only need based buying behaviour was observed at current price levels, with buyers refraining from aggressive procurement of raw material. Sellers reduced their offers or increased discounts, owing lower lifting of previous booked material which resulting sales pressure in the spot market. In view of the current scenario, prices are likely to remain dull this week.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,500/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)