India’s induction furnace (IF) steel market saw active buying today. Offers floated by mills increased in the range of INR 100-500/tonne (t) d-o-d.
Sponge iron offers rose INR 100-250/t d-o-d across regions and the sharpest increase was seen in the Raigarh and Durgapur markets.
Billet tags increased by INR 100-400/t d-o-d across locations except in Chennai where prices fell by INR 500/t.
Rebar (Fe 500) prices edged up by INR 100-500/t d-o-d, with the highest rise of INR 500/t seen in Ahmedabad.
Today, limited buying activity was observed. However, mills reported receiving moderate booking orders, particularly in finished steel, driven by recent increases in raw material prices, especially sponge iron and billet over the past few days. Market participants are anticipating prices will remain firm in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was INR 13,200/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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