- Muted demand, liquidity crunch pressure sentiment
- Elevated inventories force mills to reduce prices
India’s induction furnace (IF) steel market experienced dull trading today. Offers floated by mills dropped in the range of INR 100-600/tonne (t) d-o-d.
Sponge iron offers declined by INR 100-300/t d-o-d. Prices decreased the steepest in Durgapur, by INR 300/t. Although, Prices inched up by INR 50/t only in the Raipur market.
Billet tags decreased by INR 150-600/t d-o-d, with the highest fall in Rourkela.
Rebar (Fe 500) prices were down by INR 100-500/t d-o-d, with the sharpest decline of INR 500/t seen in Hyderabad.
Today, trading activities remained subdued across regions. Buyers cautiously procured material amid sluggish demand and liquidity issues. Meanwhile, elevated inventories compelled mills to reduce prices. As per the current market scenario, prices are likely to remain volatile 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 13,150/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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