- Trade volume falls d-o-d amid need-based buying
- Prices trend down, likely to remain range-bound
India’s induction furnace (IF) steel market witnessed dull sentiments today, and mills’ offers fluctuated by INR 50-300/tonne (t) d-o-d.
Sponge iron offers varied by INR 50-300/t d-o-d, with the steepest fall of INR 300/t in the Ramgarh market and increased of INR 100/t In the Jharsugda market.
Billet tags decreased by INR 50-200/t d-o-d, with the sharpest decline of INR 200/t in Mumbai and Jalna.
Rebar (Fe 500) tags moved down by INR 100-200/t d-o-d. Prices dropped the highest in Raipur, Ahmedabad, mandi Gobindgarh and Rourkela by INR 200/t.
Today, market activities were slow, with a lower volume transacted. Buyers procured material as per urgent needs only. Additionally, the lack of momentum in the finished segment pressured sellers to adjust trade discounts.
As per market participants, prices are likely to remain range-bound in the near term.
The conversion spread from sponge iron (PDRI) to billets for standalone induction furnaces in the Raipur cluster was assessed at INR 14,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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