- Sponge prices rise by INR 100–200/t d-o-d
- Billets record mixed trend, rebar sees decline
India’s induction furnace (IF) steel market witnessed mixed sentiments today, and mills’ offers fluctuated by INR 50–500/tonne (t) d-o-d.
Sponge iron offers increased by INR 100–200/t d-o-d, with the highest rise of INR 200/t seen in the Raipur market.
Billet tags increased by INR 50–200/t d-o-d, with the sharpest upward movement of INR 200/t in Rourkela. However, prices decreased by INR 500/t in the Chennai region.
Rebar (Fe 500) tags moved down by INR 100–300/t d-o-d. Prices dropped the most in Raipur and Jalna, with a decline of INR 200/t.
Today, limited trade activity was noticed across regions. Raw material (sponge iron and billets) showed a slightly positive movement, while the finished steel segment remained weak which resulted in mills are preferring to adjust trade discounts in the spot market. However, 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 13,950/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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