Indian DRI, billet, rebar update - 26 Feb

• Need-based buying continues at prevailing price levels
  
  
• Market expected to volatile further these week
  
  

India's induction furnace (IF) steel prices witnessed mix trend d-o-d across markets amid lower sales on 26 February.

Sponge iron offers increased in the range of INR 50-200/t d-o-d, with the sharpest rise of INR 200/t in Chennai, where prices settled at INR 27,000/t.

Billet prices fluctuated by INR 100-400/t d-o-d across locations, with the steepest drop of INR 400/t occurring in Jalna to INR 42,000/t, while prices increased to INR 300/t in Durgapur and Chennai regions to INR 40,700/t and INR 43,500/t respectively.

Rebar (Fe 500) prices varied by INR 100-300/t d-o-d. Prices decreased by INR 300/t in Jalna to INR 48,300/t and rose in Durgapur and Raigarh by INR 200/t to INR 45,100/t and INR 43,500/t respectively.

Today, trading activity in the central region remained limited, although supported by a slight improvement in bookings during yesterdays session. However, overall market momentum continued to remain subdued, particularly in finished and semi-finished steel as buyers focused on need-based purchases at prevailing prices.

Manufacturers continued to face sales pressure, prompting them to either lower their offers or increase trade discounts to stimulate demand.

As per current scenario, market expected to volatile further these week.

The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 13,850/t.

Click here for brand-wise rebar details

BigMint's price assessment (region-wise)