- Prices climb up amid decent trade activity
- Prices to remain supported in near term
India’s induction furnace (IF) steel market saw active buying today. Offers floated by mills increased in the range of INR 100-600/tonne (t) d-o-d.
Sponge iron offers rose by INR 100-800/t d-o-d across regions, with the sharpest increase of INR 800/t seen in Jharsuguda.
Billet tags increased by INR 200-600/t d-o-d across locations, with the steepest rise of INR 600/t in Mumbai.
Rebar (Fe 500) prices climbed up by INR 100-700/t d-o-d, with the highest uptick of INR 700/t seen in Raipur.
Today, both raw material and finished product prices continued to rise across key locations. Trading activity remained decent, and the market showed positive momentum, largely driven by previously secured bookings by sellers. Given the current market conditions, prices are expected to remain supported in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was INR 12,800/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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