Indian DRI, billet, rebar update - 3 Mar

• Trading slows ahead of Holi festival break
  
  
• Prices may remain firm after trade resumes
  
  

India's induction furnace (IF) steel prices fell d-o-d across markets amid weaker sales on 3 March.

Sponge iron offers decreased by INR 100-300/t d-o-d, with the sharpest fall of INR 300/t in Chennai and Raigarh markets, where prices settled at INR 27,700/t and INR 26,900/t respectively.

Billet prices dropped by INR 100-500/t d-o-d across locations, with the steepest decrease of INR 500/t occurring in Durgapur and Rourkela to INR 40,800/t and INR 40,500/t respectively.

Rebar (Fe 500) prices remained stable across locations except in major drop of INR 300/t in Raipur market. Prices settled at INR 45,300/t.

Today, trading activity remained dull across regions due to Holi and also expectations of transport disruptions and labour shortages during the holiday break. The market was subdued, as buyers focused on need-based purchases at prevailing prices.

However, following Holi, prices may firm up amid bullish sentiment. Manufacturers have received ample bookings for finished steel in last 2 to 3 days, providing them with room to maintain firm offers.

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)