The spread between benchmarked hot rolled coils (HRCs) and blast furnace-route rebar narrowed by INR 400/tonne (t) ($5/t) m-o-m to INR 2,100/t tonne (t) ($25/t), in February 2024, as per data maintained with BigMint. The gap tightened a bit mainly on account of the slight resilience shown by rebar compared to HRCs, even as the latter moved in a narrow range. Trade-level HRCs, ex-Mumbai, fell by around 1% in February to INR 53,900/t ($650/t) from INR 54,300/t ($655/t) in the preceding month. On the other hand, the benchmark blast furnace (BF)-route rebar, ex-Mumbai, remained static at INR 51,800/t ($625/t).
