- Prices rise further amid active buying in last few days
- Raipur records steep INR 1,000/t price hike for rebar
India’s induction furnace (IF) steel market again saw a price rise today. Offers floated by mills increased in the range of INR 100-1,000/tonne (t) d-o-d.
Sponge iron offers rose by INR 100-850/t d-o-d across regions, with the sharpest increase of INR 850/t seen in Raigarh.
Billet tags increased by INR 300-750/t d-o-d across locations, with the steepest rise of INR 750/t in Ramgarh.
Rebar (Fe 500) prices climbed up by INR 200-1,000/t d-o-d, with the highest uptick of INR 1,000/t seen in Raipur.
The spot market continued to experience an uptrend today. There was active buying over the last couple of days, and mills received hefty bookings, which supported the price hike across segments. As per market participants, prices are likely to remain at these levels in the near term.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was INR 12,700/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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