In February 2024, the conversion spread touched a two-year low, echoing levels last seen in February 2022. India’s billet makers saw a 2% rise in conversion spread from sponge iron (PDRI) to billets in Durgapur, while Raipur witnessed a 1% decline during February 2024. BigMint data from February reveals average monthly conversion spreads of approximately INR 13,018/t and INR 14,142/t in Raipur and Durgapur, respectively.
